The price of Dogecoin (CRYPTO: DOGE) fell sharply on Saturday, dropping over 16%. The meme coin is down more than 33% over the last seven days.
DOGE fell from $0.156 to $0.1269 on January 22, at the time of writing, registering the crypto's lowest price in the last 9 months.
The global crypto market cap fell to $1.58 trillion, an over 12% decline over the last day.
In April 2021, the meme-coin mania took over the market, and Dogecoin’s price rallied from about $0.07 to $0.40. Ultimately reaching an all-time high of $0.7376 on May 8, 2021.
Its market cap reached $88.68 billion in May 2021 as more and more investors started looking into the crypto market.
Also See: Will You Sell Your Dogecoin If It Reaches $0.50 (Again) In 2022? Over 75% Say...
Amidst DOGE’s falling price, crypto YouTuber Matt Wallace tweeted to his over 469,000 followers that the Robinhood Markets Inc (NASDAQ:HOOD) DOGE wallet beta testing is showing good results.
Robinhood #Dogecoin wallet beta testing has been going very well! GET READY FOR THE RELEASE! :)
— Matt Wallace (@MattWallace888) January 22, 2022
People started responding to his tweet and spoke about the falling price of DOGE. One follower wrote, “Can we talk about why doge is down to 13 cents I haven’t seen this in a year, so the safe moon is the better investment ??”
Another response came from @Richard84489716 saying, “Because it's cheaper for Robinhood drop the price as low as possible before releasing wallets.”
In 2021, Dogecoin was widely accepted as a means of payment and traded on many crypto exchanges.
In a recent poll on Twitter, one user asked which cryptocurrency would be the most valuable coin at the end of 2022.
Dogecoin got only 21% support to be the most valuable coin in 2022.
