Dogecoin has dipped to $0.225, close to its 2025 low, following a 7% drop in 24 hours. This marks a nearly 16% decline over the week, as the meme coin struggles despite earlier support from Elon Musk. The broader meme coin market is experiencing significant losses, with major players like Solana and Bitcoin also suffering declines in value.

Dogecoin, the renowned meme cryptocurrency, has experienced a significant decline, reaching its lowest price in three weeks. As reported by CoinGecko, the coin is currently valued at $0.225, marking a 7% drop within the last 24 hours. Earlier in the day, it fell to $0.2239, nearly matching the yearly low of $0.2237 established in February. This downturn contributes to a nearly 16% decrease over the past week.

Once experiencing a remarkable surge thanks to endorsements from billionaire Elon Musk, who remains a prominent advocate for the digital asset, Dogecoin peaked at a three-year high of $0.48 in December. However, the momentum has considerably weakened, leading DOGE to become one of the poorest performing major cryptocurrencies.

Dogecoin currently ranks as the eighth-largest digital currency by market capitalization, having gained popularity during the COVID-19 pandemic when Mr. Musk actively promoted it on social media. Notably, Mr. Musk has also initiated a government department aimed at efficiency, aptly named after the meme coin’s ticker: the Department of Government Efficiency, or DOGE.

Market sentiment among traders appears pessimistic, as indicated by CoinGlass, which reports open interest in Dogecoin at just over $2.16 billion—its lowest point this year. The broader meme coin sector has similarly declined, with most digital tokens seeing negative performance.

The volatility of meme coins has attracted scrutiny, particularly after recent events involving Argentine President Javier Milei, who endorsed a cryptocurrency known as Libra, which subsequently plummeted in value. Mr. Milei is now facing fraud allegations as a result.

In contrast, Solana, another significant digital asset ranked sixth, has also suffered a sharper decline, falling by over 8% within 24 hours to approximately $154. Bitcoin, too, has not escaped the downturn, seeing a 1% decrease and currently priced at $94,557.

In summary, Dogecoin has seen a notable decline, nearing its yearly low as market interest wanes. Despite its earlier successes, the coin is now among the worst performers in the cryptocurrency landscape, reflecting a broader trend affecting meme coins. Other major cryptocurrencies, such as Solana and Bitcoin, have also faced price cuts, contributing to a challenging environment for digital assets overall.

Original Source: decrypt.co

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