When President Donald Trump won re-election in 2024, Dogecoin, the original memecoin, was riding high. The cryptocurrency, which has a market capitalization of more than $24.7 billion , surged as investors feverishly anticipated it could eclipse its all-time high of $0.73.
This week, however, Dogecoin plummeted to $0.14 — its lowest price in recent months. It has since rebounded slightly and is now trading at $0.16, according to Kraken . Over the past 24 hours, Dogecoin has seen $2.4 billion in trading volume but remains down more than 77% from its peak.
Despite Elon Musk's ties to the Trump administration's new Department of Government Efficiency (D.O.G.E.), Dogecoin has struggled to rally, as the broader crypto market faces a prolonged slump amid tariff uncertainty.
"Despite Elon Musk's ties to President Trump’s new Department of Government Efficiency (D.O.G.E.), Dogecoin has failed to rally, losing over a third of its value in the past 30 days as the crypto market falters," Alan Orwick, co-founder of Quai Network, told TheStreet Crypto.
"As a memecoin with little real utility, DOGE has been overshadowed by newer memes on chains like Solana, unable to recapture its past spotlight," Orwick added. "However, dog-themed tokens like DOGE and SHIB retain a loyal trading community, drawn by their cute, viral appeal and enduring popularity. While trending with the broader market, their staying power is evident, although it will be difficult to top a larger catalyst than the naming of a government agency."
Shiba Inu is currently trading at a price of $0.000012, according to Kraken .
Others note that Dogecoin rode the 2025 memecoin mania, which peaked when President Trump launched his own token. That moment marked the apex of the memecoin hype, leaving traders uncertain about what could potentially drive prices higher. With no clear answer, the market shifted away from memecoins, dragging down tokens like Dogecoin.
"The president of the United States launching a memecoin was quite literally the most notable launch we could have seen," Jake Kennis, an analyst at Nansen, told TheStreet Crypto. "Memes are a proxy for attention, and arguably the most popular human in the world launched one. It solidified a local top in memes over the last few weeks and months."
"Usually, when the most anticipated bullish catalysts are realized, traders are quick to ask who is the marginal buyer here and what catalysts take us higher in a game measured by attention," Kennis added. "In this case, that moment marked the local top, leading to a rotation out of memes."
"DOGE was downstream of that," Kennis explained.
Others underlined memecoins' inherent volatility: “Usually in the market correction phase, memecoins are hit the hardest, as they don’t have a fundamental business model or economic growth motor, and their nature is purely speculative," Marcin Kazmierczak, COO of RedStone Oracles, told TheStreet Crypto. "In a bear market, they’re in threat of a serious decline.”
