Dogecoin is facing a tough day, having dropped almost 10% in the last 24 hours.
Dogecoin is facing a tough day, having dropped almost 10% in the last 24 hours. The decline comes as the cryptocurrency market grapples with mixed U.S. economic data, causing a market-wide pullback. While Dogecoin remains the biggest loser among the top 10 cryptocurrencies, other meme coins are faring even worse. Bonk (BONK) and Dogwifhat (WIF), both based on Solana, have seen declines of around 11%, and AI-themed meme coin AI16Z has dropped nearly 15%.
Several other meme coins are experiencing similar struggles. Floki (FLOKI), Brett (BRETT), and Gigachad (GIGA) are down by about 11%, and Popcat (POPCAT) is facing a steep decline of nearly 16%. The market sentiment is generally negative, but Akuma Inu, a dog-themed token on the Ethereum layer-2 network Base, is an exception. It has surged by 55% on the day and 264% over the past week.
Bitcoin, a dominant player in the market, has also been affected, falling from nearly $101,000 to around $97,856, a drop of over 4%. Ethereum and Dogecoin have both lost around 7%, and Solana has seen a 6% decline. These losses reflect a broader trend in the market, with investors reacting to mixed economic data, including hotter-than-expected job openings.
Despite the drop, Dogecoin has had an impressive start to the year. It rose to nearly $0.40 earlier in January, pushing its price up by 11% for the week. However, it is now priced at around $0.35. Crypto firm Galaxy Digital has predicted that Dogecoin could reach $1.00 by 2025, surpassing its previous all-time high of $0.73 in 2021. The recent price drop, however, takes it further from that goal.
Meme coins are notoriously volatile, often experiencing more significant fluctuations than major cryptocurrencies like Bitcoin and Ethereum. While Bitcoin's 4% drop is substantial, Dogecoin's 10% fall, along with the declines of other meme coins, highlights the higher volatility of these tokens. Meme coins remain unpredictable, with major swings in value occurring regularly.
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