When President Donald Trump won reelection in 2024, the original memocoin Dogecoin ran high. Cryptocurrency, which has a market capitalization of over $24.7 billion, has surged as investors were eagerly anticipating it could potentially cover a record high of $0.73.
However, this week, Dogecoin plunged to $0.14. This is the lowest price in recent months. According to Kraken, it has a slight rebound and is currently trading at $0.16. Over the past 24 hours, Dogecoin has seen trading volumes of $2.4 billion, down more than 77% from its peak.
Despite Elon Musk’s relationship with the Trump administration’s new government efficiency (DOGE), Dogecoin is struggling to meet as the broader crypto market faces long-term slump amid tariff uncertainty.
“Despite Elon Musk’s relationship with President Trump’s new government efficiency (DOGE), Dogecoin has lost more than a third of its value in the last 30 days as the crypto market collapses,” Quai Network co-founder Alan Orwick told TheStreet Crypto.
“As a memo coin with little actual utility, Doge is hidden in new memes in chains like Solana, and cannot regain the spotlight of the past,” added Orwick. “However, dog-themed tokens like Doge and Shib retain a loyal trading community portrayed by cute, viral charm and enduring popularity. While their persistence is clear while trending in the broader market, it is difficult to outweigh the larger catalysts than the naming of government agencies.”
According to Kraken, Shiba Inu is currently trading at a price of $0.000012.
Others note that he rode Memocoin Mania in 2025, which peaked when President Trump launched his token. The moment marks the pinnacle of Memocoin hype, making traders uncertain about what could boost prices. Without a clear answer, the market left Memocoin and dragged tokens like Dogecoin.
“The US president who launched Mimecoin was literally the most prominent launch we could see,” Nansen analyst Jake Kenneth told Thestreet Crypto. “Memes are a proxy for attention, and the world’s most popular people have solidified the local top of memes over the past few weeks and months.”
“Usually, when the most anticipated bullish catalysts come to fruition, traders will immediately ask who is the frontier buyer here and which catalysts make us high in the game measured by attention,” Kenneth added. “In this case, that moment marked the top of the locals, leading to a spin from the meme.”