Dogecoin Plummets from Record Highs

Dogecoin fell on Tuesday after reaching new all-time record highs earlier in the day, which was prompted by many social media users posting on hashtags supporting the meme-based cryptocurrency.

The digital currency is now down by roughly 16% for the day at $0.337.

However, the price of the cryptocurrency remains higher by about 264% for the week, according to data by the Coin Market Cap platform.

Since the beginning of the year, Dogecoin rose by about 8,000%, as per a recent report by Reuters.

The digital currency reportedly began in 2013 as a joke between two engineers, which is why it resembles the name and face of a famous online meme.