Dogecoin: Has its time passed? The O.G. It has fallen to its lowest price in just three weeks.
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 has one of the lowest performance digital assets in the top charts. Over a period of seven days, Dogecoin’s value has dropped by almost 16%.
Dogecoin was flying just months ago after billionaire entrepreneur Elon Musk, the world's richest man, started talking about the coin again. Coin prices have fallen significantly from $0.48 ($48) in December to $0.24 today.
This cryptocurrency, which is the eighth largest digital coin in terms of market capitalization, initially soared in price after Tesla’s CEO began pumping it on Twitter during COVID-19.
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.
CoinGecko shows that almost all of the tokens on the market are now 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.
Since then, the president of South America has been charged with fraud.
Solana is the 6th-largest digital asset and has fallen more than 8% in a 24 hour period, to about $154 per unit.
Bitcoin has fallen by 1% since yesterday and now costs $94,557.
Andrew Hayward edited the book
