Has Dogecoin had its day? The O.G. meme coin has sunk to its lowest value in three weeks, nearly matching its 2025 low in the process.
The price of Elon Musk's favorite cryptocurrency now stands at $0.225 per coin, after a 24-hour dip of 7%, according to CoinGecko. It dipped as low as $0.2239 earlier, coming close to this year's low mark of $0.2237 set earlier in February.
DOGE is currently one the worst-performing top digital assets near the top of the charts. Zooming out further, over a seven-day period, Dogecoin has dipped by close to 16%.
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