Dogecoin Price Drop

Leading meme coin Dogecoin (DOGE) has fallen over 11% in the last 24 hours, dropping below $0.20 for the first time since November amid a sell-off in meme coins and the broader crypto market.

Currently priced just under $0.201, DOGE is down 43% over the past month, significantly lower than its all-time high of $0.73 from 2021. Earlier on Tuesday, it dipped as low as $0.197.

Dogecoin isn’t alone in this decline; major cryptocurrencies like Bitcoin and Ethereum have also decreased 8.3% and 10.1%, respectively, in the same time period. Other meme coins have seen even sharper declines.

The overall meme coin market capitalization has decreased nearly 16.4%, primarily driven by double-digit losses from Ethereum-based Pepe (PEPE) and notable Solana meme coins like the Donald Trump token (TRUMP) and Bonk (BONK), which have all lost at least 14% in the past week.

Additionally, the popular Solana meme coin Fartcoin (FARTCOIN) has plummeted sharply since its launch on the Pump.fun token launchpad. It recently reached a market cap of over $2.4 billion but has now fallen nearly 90% from its all-time high, trading at $0.29 and slipping out of the top 200 cryptocurrencies by market cap, according to CoinGecko.

These rapid declines have resulted in $32.37 million in liquidations for DOGE contracts and $11.39 million for TRUMP in the last 24 hours, reflecting a drop in open interest for top meme coins, as noted by data from CoinGlass.

Among meme coins, only Popcat (POPCAT) and Peanut the Squirrel (PNUT) recorded gains, climbing 1% and 5%, respectively, in the last 24 hours.

Furthermore, the total cryptocurrency market capitalization has fallen 8.8%, dipping below the $3 trillion mark.