Dogecoin was flying just months ago after billionaire entrepreneur Elon Musk, the world's richest man, started talking about the coin again. The coin hit a three-year high price of $0.48 in December, but has fallen substantially since.
The cryptocurrency is the eighth-biggest digital coin by market cap, and originally surged in value after the Tesla CEO started pumping the coin on Twitter during the COVID-19 pandemic.
Musk now runs a U.S. government department tasked with cutting costs named after the cryptocurrency's ticker: the Department of Government Efficiency, or $DOGE.
Traders betting on the future price action of the coin are also not feeling bullish: CoinGlass data shows that open interest on the coin sits just above $2.16 billion—the lowest level so far this year.
The entire meme coin market has taken a big hit, CoinGecko shows, with almost every one of the digital tokens in the red.
Meme coins and tokens—some of the most volatile cryptocurrencies in an already volatile space—have received a bad rap lately: Argentine president Javier Milei earlier this month was involved in promoting such a token, called Libra, only for it to quickly crash in value.
The president of the South American country has since been hit with fraud charges.
Elsewhere, Solana, the sixth-biggest digital asset, has dropped harder than $DOGE, having dipped by over 8% over a 24-hour period to a price of about $154.
Meanwhile, Bitcoin is now down by 1% over the past day, and is priced at $94,557.
Edited by Andrew Hayward
decrypt.co
