DOGE in the Dumps: Dogecoin Sheds Most of Its Post-Election Gains

dogecoin-crypto-cryptocurrency-guide-how-to-buy-doge" target="_blank" rel="noopener nofollow" class="sc-adb616fe-0 bJsyml">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-a-scalable-decentralized-network-for-dapps" target="_blank" class="sc-adb616fe-0 bJsyml" rel="nofollow">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