Dogecoin has given up nearly all of its post-election gains after surging in value following the November 5 victory of crypto-friendly President Donald Trump.
CoinGecko data shows that the coin—the eighth-biggest in the space—is now trading hands for just over $0.20 a pop, after falling below $0.197 earlier Wednesday afternoon.
Of the top 20 digital coin and tokens by market cap, Dogecoin is effectively tied with Solana as the biggest loser over the last week, with both losing over 19% of their respective value. Over the past day, DOGE has dropped by 3%.
On the day of the U.S. election, Dogecoin was trading for a little over $0.17, but quickly rocketed up after President Trump won.
It hit a high of $0.48 in December, but has now plummeted and shed most of its post-election gains. And the O.G. meme coin still has a long way to go until it beats its 2021 all-time high of $0.73.
Open interest for the coin has also nosedived and currently stands at $1.87 billion, according to CoinGlass. The number refers to the combined value of trades betting on the future price of the asset. Dogecoin open interest in January hit an all-time high mark of $5.25 billion.
Dogecoin was once an obscure meme coin—a cryptocurrency based on an Internet meme—that was created as a joke back in 2013.
But Tesla and SpaceX boss Elon Musk started tweeting about the asset years ago, which helped it gain a much larger following, quickly exploding in market cap and becoming a “serious” cryptocurrency.
It has since dropped in value, but still sees substantial high trading volume—over $2 billion has changed hands in DOGE over the past 24 hours, CoinGecko says.
The coin’s drop comes as Solana and Solana-based meme tokens plunge in value as the entire crypto market takes a hit. Investors spooked by meme coin scams, Trump trade tariffs, and inflation are quickly exiting their crypto positions.
Dogecoin made a comeback last year after Musk said on the campaign trail that Trump would allow him to create a government department that shares its name with the coin’s ticker: DOGE, or the Department of Government Efficiency.
But it’s worth noting that the world’s richest man, who now has a prominent position in Trump’s administration, has admitted that he’s “actually not actively involved in crypto.”
“I make Dogecoin jokes and stuff because I just kind of like Dogecoin,” he said back in October.
Edited by Andrew Hayward
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Source: https://decrypt.co/307916/dogecoin-sheds-post-election-gains
