A day after leading the crypto market’s top tokens in gains, leading meme coin Dogecoin (DOGE) is atop the pack of losers on Thursday as Bitcoin slides to nearly $71,000 after nearly touching $74,000 on Wednesday for the first time in four weeks.
DOGE has now fallen about 8% in the last 24 hours, turning the token red for the week as it recently changed hands around $0.094. No other coin has fallen harder among the top 100 cryptocurrencies by market cap in the last day, according to CoinGecko.
The fall should not be surprising, according to Bitwise Research Analyst Danny Nelson.
Nelson told Decrypt on Wednesday that the surge in DOGE alongside the market’s rise was not to be mistaken as the start of a “sustainable meme coin rally.”
"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.
Popular Solana meme coin Fartcoin has fallen around 4.9% in the last 24 hours as well, extending its losses in the last month to 19% as it recently changed hands around $0.16. The token is now down around 93% from its January 2025 all-time high of $2.83.
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.
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