Dogecoin, the original memecoin, surged following President Donald Trump’s 2024 re-election but has since tumbled, reflecting broader instability in the cryptocurrency market.
The token, which once boasted a market capitalization exceeding $24.7 billion, soared as investors speculated it could surpass its all-time high of $0.73. However, Dogecoin recently plunged to $0.14—its lowest level in months—before recovering slightly to $0.16, according to Kraken. Over the past 24 hours, it has seen $2.4 billion in trading volume but remains down more than 77% from its peak.
Despite Elon Musk’s connections to Trump’s newly established Department of Government Efficiency (D.O.G.E.), Dogecoin has struggled to regain momentum. The broader crypto market faces continued uncertainty, exacerbated by tariff concerns and a waning memecoin frenzy.
“Despite Musk’s ties to President Trump’s administration, Dogecoin has failed to rally, shedding over a third of its value in the past month as the crypto market falters,” said Alan Orwick, co-founder of Quai Network, in an interview with TheStreet Crypto.
As a memecoin with limited real-world utility, Dogecoin has been overshadowed by newer tokens on platforms like Solana, Orwick explained. “DOGE and SHIB still have dedicated communities drawn to their viral appeal, but their ability to surge again may require a larger catalyst than a government agency’s name.”
Shiba Inu, another popular dog-themed token, is currently trading at $0.000012, per Kraken data.
Memecoin Mania Peaks, Leaving Dogecoin in Uncertainty
Dogecoin previously thrived during the 2025 memecoin frenzy, which peaked when President Trump launched his own token. That moment marked the height of memecoin hype, leading traders to question what could sustain further price increases.
“The U.S. president launching a memecoin was arguably the most significant event for the space,” said Jake Kennis, an analyst at Nansen. “Memes thrive on attention, and Trump’s involvement solidified a local top for memecoins.”
Once major bullish catalysts are realized, traders often reassess the market’s next moves, Kennis noted. With no clear successor to the hype, investors rotated out of memecoins, leading to Dogecoin’s decline.
Memecoins’ inherent volatility has made them particularly vulnerable in market downturns. “In correction phases, memecoins suffer the most since they lack fundamental business models or economic growth mechanisms,” said Marcin Kazmierczak, COO of RedStone Oracles. “In bear markets, they face the risk of steep declines.”
As Dogecoin struggles to reclaim its past highs, its future remains tied to broader crypto sentiment and whether another viral moment can reignite interest.
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