Dogecoin, once a favorite among traders, is experiencing another downward spiral, reaching its lowest price in weeks.
The cryptocurrency has dropped by 7% in the past 24 hours, sitting at $0.225, according to CoinGecko. Earlier, it hit $0.2239, dangerously close to its 2025 low of $0.2237 recorded earlier in February.
Meme Coins Struggle as Interest Fades
The entire meme coin market is feeling the pressure, with most tokens in the red. Just a few months ago, Dogecoin soared to $0.48, fueled by hype from Elon Musk. However, the momentum has vanished, with DOGE dropping 16% over the past week.
Market data shows traders are turning away from Dogecoin. Open interest—representing active futures contracts—has now sunk to $2.16 billion, the lowest level of the year. This signals a lack of confidence among investors in the meme coin’s future price action.
Bitcoin’s Decline Adds to the Pressure
Meanwhile, the crypto market as a whole is struggling. Bitcoin, the leading digital asset, has dropped 1% in the last 24 hours, now trading at $94,557. Solana, another major player, has suffered an even bigger hit, falling over 8% to around $154.
As market volatility continues, Dogecoin’s future remains uncertain. Can it bounce back, or is the hype officially over?
