The price of Elon Musk's favorite cryptocurrency now stands at $0.225 per coin, after a 24-hour dip of 7%, according to CoinGecko. It dipped as low as $0.2239 earlier, coming close to this year's low mark of $0.2237 set earlier in February.
DOGE is currently one the worst-performing top digital assets near the top of the charts. Zooming out further, over a seven-day period, Dogecoin has dipped by close to 16%.
Dogecoin was flying just months ago after billionaire entrepreneur Elon Musk, the world's richest man, started talking about the coin again. The coin hit a three-year high price of $0.48 in December, but has fallen substantially since.
The cryptocurrency is the eighth-biggest digital coin by market cap, and originally surged in value after the Tesla CEO started pumping the coin on Twitter during the COVID-19 pandemic.
Musk now runs a U.S. government department tasked with cutting costs named after the cryptocurrency's ticker: the Department of Government Efficiency, or DOGE.
The entire meme coin market has taken a big hit, CoinGecko shows, with almost every one of the digital tokens in the red.
Meme coins and tokens—some of the most volatile cryptocurrencies in an already volatile space—have received a bad rap lately: Argentine president Javier Milei earlier this month was involved in promoting such a token, called Libra, only for it to quickly crash in value.
The president of the South American country has since been hit with fraud charges.
Elsewhere, Solana, the sixth-biggest digital asset, has dropped harder than DOGE, having dipped by over 8% over a 24-hour period to a price of about $154.
Meanwhile, Bitcoin is now down by 1% over the past day, and is priced at $94,557.
Edited by Andrew Hayward
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