Dogecoin’s price has dropped over the past month, crashing 30% to its lowest price in four months. In just the past week, it’s down 20%, and over the last 24 hours, it has dropped nearly 10%, bringing its current price to around $0.1735. The market cap has shrunk to $25.75 billion, while trading volume has surged to $2 billion as traders scramble to react.
This comes after a wild week in the crypto market, sparked by Donald Trump’s announcement of a “crypto reserve” plan, which briefly sent prices soaring. But the excitement didn’t last. Bitcoin has dropped nearly 4% to $83,250, erasing its Trump-related gains, and Ethereum has followed a similar trajectory. Dogecoin, however, has been hit even harder, sliding faster than most of the other top cryptocurrencies.
It wasn’t long ago that Dogecoin was riding high on post-election optimism. When Trump took office in January, he introduced the Department of Government Efficiency (DOGE), an initiative focused on modernizing government operations. The name alone gave Dogecoin a bizarre but undeniable boost, driving its price from around $0.15 in November 2024 to over $0.47.
At its peak, Dogecoin’s market cap soared past $60 billion. Elon Musk’s backing played a big role as well—his history of hyping Dogecoin helped push it to record highs before, and his continued support kept enthusiasm alive.
But that momentum has faded, and fast. Over the past three months, Dogecoin has shed more than 40% of its value, with selling pressure increasing as investors cash out. Just in the past 24 hours, a staggering $21.94 million worth of Dogecoin has been liquidated—$18.51 million from traders betting on the price to rise, and $3.43 million from those shorting it.
Even though Dogecoin’s price has dropped a lot, it’s still one of the top 10 cryptocurrencies. People are hopeful that new investment options, like ETFs, might get more people interested in buying it again. Bitwise has asked to create a Dogecoin ETF, and Grayscale just started a Dogecoin Trust.
Experts think there’s a 75% chance these kinds of Dogecoin investments will be approved this year, which could bring in more buyers and keep the price more stable.
For now, though, Dogecoin is in rough waters. The hype from Trump’s win has worn off, Musk’s influence seems weaker than before, and the sell-off shows no signs of stopping. Unless something shifts, Dogecoin could be in for an even rougher ride ahead.
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