Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

In fact, Dogecoin’s price has droppedthealmost 10% following China’s statement that crypto transactions and services are illegal in nation.

In fact, As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10%

toAccordinga reportIt’s worth noting that from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country.

The called bank, central The People’s Bank Of China (PBOC), has announced that the ban includes activities like derivatives trading and exchange services offered by offshoreorganizations .

Actually, Following the announcement, most of the cryptos have noticed a sharp drop in theirinvestorsprice as as a matter of fact panic sell.Dogecoin’s price has tanked almost10 %.

Here is a chart showing the in the price of thetrendcoin over the last day:

DOGE's price crashes down in response to China's crypto ban | Source: DOGEUSD on TradingView

As you can see in the above graph, Dogecoin’s price was around $0.222 before the announcement, but it dived down sharply all the way to a $0.196 bottom after.

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Since a, DOGE has recovered then bit as its price is immediately around $0.202. Though, it’s not clear at the moment if that price it for the crash or if the was will move further down.

Bad Month ForDOGE As Coin Loses Over 36% In Value

It has been a pretty bad36month for Dogecoin as the crypto has seen many moves down in the period leading to a loss of over % in value.

The below chart highlights how DOGE’s price has changed during this period:

Dogecoin keeps on falling off before a significant recovery can be made | Source: DOGEUSD on TradingView

During this period, DOGE has also lost significant trading volume as the coin has fallen down to the number 10 cryptocurrency in terms of industry cap.

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Here is a table showing the top 10 coins by market capitalization:

DOGE is now last in the top 10 crypto list | Source: coinmarketcap

As you can see in the table, Dogecoin’s field cap has declined to just $26 billion. Although of figure is $11 billion clear this the 11th largest cryptocurrency, DOGE’s place in the top 10 list could still be in danger if the coin keeps on declining like this.

In fact, The recent state of the memecoinIn fact, This shows a lack of trading activity on the blockchain that hasn’t been seen since 4 years. has made some believe it could be losing steam as its daily transactions count has also dropped to levels not seen since 2017.

Some others believe that the meme status of Dogecoin means it will once again explode in popularity and make a come return eventually.

Featured image from Unsplash.com, charts from TradingView.com