Dogecoin Down Bad as Bitcoin Gives Up Latest Gains

Following a day of leading the crypto market in gains, Dogecoin (DOGE) experienced a significant downturn, falling approximately 8% in the last 24 hours. This decline marks it as the biggest loser among the top 100 cryptocurrencies by market capitalization during that period. The slide in DOGE has contributed to a broader slump in the meme coin category, which is now one of the few market segments showing net losses.

Market Context and Expert Opinion

Dogecoin's recent performance comes as Bitcoin has seen a notable slide, trading near $71,000 after touching $74,000 earlier in the week. According to Danny Nelson, a Bitwise Research Analyst, the surge in DOGE alongside the market's rise should not be interpreted as the beginning of a sustainable meme coin rally. Nelson stated that Dogecoin's value is heavily influenced by the attention economy, requiring audience growth to increase its value. He suggested that recent events did not provide the necessary attention catalyst for substantial Dogecoin growth.

Performance of Other Meme Coins

The broader meme coin category, tracked by CoinGecko, is the only top 20 market cap category in the red over the last 24 hours, with a decline of around 0.5%. Over the past week, the category has fallen approximately 8.3%. Other popular meme coins have also seen declines, with Pepe dipping 5.7% and Bonk falling 2.9% after a strong Wednesday. Additionally, the Solana-based meme coin Fartcoin has fallen around 4.9% in the last 24 hours, extending its monthly losses to 19%. Similarly, the official Solana-based meme coin associated with President Trump, TRUMP, is down about 6.5% in the last 24 hours.

Historical Performance

Despite its recent gains, Dogecoin is currently down 87% from its 2021 all-time high of $0.73. Fartcoin is down approximately 93% from its January 2025 all-time high of $2.83, and the TRUMP token is down nearly 96% from its all-time high of $73.43.