Dogecoin prices have dropped significantly in recent months, returning to pre-election levels despite initial profits following Donald Trump’s 2024 presidential victory. The rise in cryptocurrency came when the newly launched president introduced the Bureau of Government Efficiency (DOGE) in January 2025.
Coin’s Voice Advocate Elon Musk played a key role in its rise after Trump’s victory. Following the November 2024 election, Dogecoin rose in its price from around $0.15 to over $0.47, exceeding its market capitalization of over $60 billion. Musk’s involvement with cryptocurrencies is widespread. He has been a prominent supporter for many years, contributing to his social media presence and previous highs for Dogecoin, like the highest peak ever in 2021.
Despite the early rises, Dogecoin has lost momentum and has fallen more than 40% in the past three months. At the time of writing, it is trading for around $0.207. However, the coin is one of the top 10 cryptocurrencies by market capitalization, standing at $30.6 billion. Part of this decline comes from a cooling of investor enthusiasm as the euphoria after the first election faded. The government’s efficiency, designed to implement Trump’s “Doge Agenda,” aims to maximize government productivity through technology modernization, claiming a $65 billion savings in late February 2025.
Cryptocurrency has seen renewed interest, particularly with the increase in funds (ETFs) traded on exchanges. In January 2025, Bitwise submitted to the Dogecoin ETF to the SEC, and Grayscale Investments launched the Dogecoin Trust. Analysts estimate there is a 75% chance that Dogecoin-related products will be approved in 2025, which could further boost their visibility in the market.
Meanwhile, Tesla, another Musk venture, faces a struggle. The company’s stock has fallen 30% since the 2024 election, with global electric vehicle sales falling significantly. These challenges have led to some investors pulling back, along with increasing links between Musk and Trump. This was highlighted in a February 2025 interview with Fox News with Trump and Musk.
Despite these set-offs, Dogecoin is focusing on musks, and Doge continues to push for wider adoption of coins within federal operations. It remains to be seen whether this ongoing support will lead to another surge in value.