The cryptocurrency inspired by the popular Shiba Inu meme, dogecoin, which was initially set up as a joke, took a dive after a record rally that saw its market capitalization topping $50 billion. Dogecoin fell more than 20% to trade at around $0.27 on Wednesday, according to data from price tracking website CoinDesk. The slump pushed the coin down to the sixth position among the largest cryptocurrencies by market value, with its market cap currently standing at around $40 billion. It comes shortly after the market value of the meme-based token surpassed $50 billion. As of Tuesday, its capitalization was more than $53 billion, data from
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