DOGE’s Value Drops Over 12% After Briefly Surging

After surging last week, Dogecoin’s value has dropped by 12.4% over the past seven days.

The initial increase in value happened due to the Dogecoin name’s resemblance to Dogechain. This is a Polygon platform, that enables developers to create applications on Dogecoin in a similar fashion as when working on Ethereum.

However, as soon as it was revealed that Dogechain was not actually affiliated with Dogecoin, the meme-coin’s price quickly dropped. According to CoinMarketCap, it is currently trading at $0.06. During the past 24 hours, more than $1.5 million worth of DOGE trades has been liquidated.

DOGE fans, including Elon Musk, will have to keep waiting for their favorite coin’s rehabilitation.