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Dogecoin (DOGE), the original meme coin and one of the top 10 cryptocurrencies by market cap, saw its price plunge nearly 10% in the last 24 hours amid a broader cryptocurrency market downturn. The decline follows mixed U.S. economic data released earlier on Tuesday, which has created ripples across financial markets.
Currently priced at $0.35, Dogecoin remains up 11% over the past week after an early-month rally pushed it close to $0.40, though Tuesday’s drop puts it further away from the much-anticipated $1.00 mark.
Meme Coin Fallout: Broader Declines
While Dogecoin’s performance places it among the day’s biggest losers in the top 10 cryptocurrencies, other meme coins have fared even worse. Solana-based tokens like Bonk (BONK) and Dogwifhat (WIF) have each fallen approximately 11%, while the recently hyped AI-themed token AI16Z has plummeted nearly 15% over the same period.
Additional meme coin casualties include:
- Floki (FLOKI): Down 11%
- Brett (BRETT): Down 11%
- Gigachad (GIGA): Down 11%
- SPX6900: Down nearly 14%
- Popcat (POPCAT): Down almost 16%
Despite the widespread sell-off, one meme coin stands out: Akuma Inu, an Ethereum layer-2 token on the Base network. Akuma Inu has surged 55% in the past 24 hours and boasts a 264% weekly gain, making it the only top-250 meme coin in the green during this downturn.
Market Context: Meme Coins Underperform
The cryptocurrency market as a whole has taken a hit, with Bitcoin (BTC) falling nearly 5% and Ethereum (ETH) seeing similar declines. However, meme coins—known for their volatility—have taken the brunt of the market-wide drop, with losses far outpacing those of more established cryptocurrencies.
Meme coins, particularly lower-cap tokens, are notorious for their sharp price swings. While high-profile assets like Dogecoin are less prone to collapse entirely, they still exhibit much greater price volatility than Bitcoin or Ethereum.
Long-Term Outlook for Dogecoin
Despite today’s decline, Dogecoin maintains strong community support and a reputation as the flagship meme coin. Last week, Galaxy Digital projected that Dogecoin could hit $1.00 by 2025, surpassing its previous all-time high of $0.73 set in 2021. However, this forecast hinges on broader market recovery and sustained interest in meme coins.
For now, Dogecoin’s trajectory highlights the inherent risks and rewards of investing in meme coins, where sharp gains often come hand-in-hand with steep declines. As the market digests economic signals and adjusts to global financial conditions, the next few days will be critical in determining whether Dogecoin and other meme coins can regain momentum or continue to slide.
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