Summary: Dogecoin has dropped 30% in the past month to a four-month low of $0.1735. Down 20% in the last week, in the past 24 hours alone, it has lost nearly 10%. Despite the price fall, Dogecoin remains in the top 10 cryptocurrencies based on market capitalization.
The sell-off comes as the crypto market struggles following Donald Trump’s “crypto reserve” announcement, which initially caused a surge in prices before leading to a broader downturn. Bitcoin and Ethereum have both declined, but Dogecoin has taken a sharper hit. The coin had previously benefited from optimism around Trump’s win and a government initiative humorously named DOGE, as well as continued backing from Elon Musk.
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Over the last three months, Dogecoin has lost over 40% of its value, with heavy selling pressure.In the space of only 24 hours, almost $22 million in Dogecoin positions were wiped out. Nevertheless, fresh investment opportunities such as ETFs could offer hope, with Bitwise seeking a Dogecoin ETF and Grayscale releasing a Dogecoin Trust. Experts rate the possibility of approval for these funds at 75% for this year, and this would stabilize the price.
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Until then, Dogecoin hovers in limbo, with dwindling buzz and ongoing sell-offs. Unless sentiment in the market changes, the coin will likely continue to fall.
