The fall should not be surprising, according to Bitwise Research Analyst Danny Nelson.
"Dogecoin thrives on the attention economy. It needs to grow its audience to grow in value,” he said, adding that Wednesday’s rally did not provide the appropriate attention catalyst for proper Dogecoin growth.
After gaining traction in part due to the backing of billionaire Elon Musk, DOGE is now down 87% from its 2021 all-time high of $0.73.
The token’s daily fall has helped pull down the entire meme coin category, which is the only top 20 market cap category tracked by CoinGecko in the red over the last 24 hours.
The category as a whole has fallen around 0.5% in the last 24 hours and now 8.3% on the week as other notable meme coins like Pepe and Bonk have dipped 5.7% and 2.9% respectively, after a strong Wednesday.
President Trump’s own official Solana-based meme coin—TRUMP—has suffered a similar fate since that time. The token is down around 6.5% in the last 24 hours, changing hands around $3.23, and now nearly 96% off its all-time high of $73.43.
