So, it turns out Dogecoin isn’t the dog that’s going to the moon after all. The beloved meme coin has taken a nosedive, crashing 30% to hit a four-month low. In the last week alone, it’s dropped 20%, and in the past 24 hours, it’s down nearly 10%. At the moment, it’s sitting at about $0.1735. Who knew the future of currency would look like the aftermath of a bad high school prom? 🚀💸
What happened, you ask? Well, after Donald Trump dropped his oh-so-memorable “crypto reserve” plan, everyone got excited, like a kid with a new toy. But much like that kid, the excitement wore off pretty quickly. Bitcoin lost almost 4%, dropping to $83,250—probably feeling as deflated as a balloon at the end of a party. Ethereum followed suit. But poor Dogecoin, it’s been hit harder than a piñata at a birthday bash. 🥳🥴
Not too long ago, Dogecoin was basking in the glow of post-election optimism. Trump’s big move to introduce the Department of Government Efficiency (DOGE) gave Dogecoin the kind of attention that even a reality star can’t buy. It went from $0.15 to over $0.47. Elon Musk was basically its spiritual advisor, hyping it like it was the next big thing since sliced bread. And, for a moment, Dogecoin’s market cap was riding high at $60 billion. But that bubble popped faster than a cheap bottle of champagne on New Year’s Eve. 🍾🥂
Since then, it’s been downhill. In the last three months, Dogecoin has shed over 40% of its value. Investors are cashing out like they’re all part of a run on the bank. And in the past 24 hours? A whopping $21.94 million worth of Dogecoin has been liquidated—$18.51 million from those betting on the price to rise (spoiler alert: it didn’t), and $3.43 million from short sellers.
Despite the drop, Dogecoin is still hanging out in the top 10 cryptocurrencies, like that one guy who still wears his high school letterman jacket years after graduation. But people are hopeful, with new investment options like ETFs making their way into the mix. Bitwise wants to create a Dogecoin ETF, and Grayscale just started a Dogecoin Trust. Is this the lifeline Dogecoin needs? Only time will tell, but experts are giving it a 75% chance of approval this year. Fingers crossed. 🤞
Right now, Dogecoin’s future is looking like a sinking ship, and unless something changes, it could be in for an even rockier ride. Maybe next time, it’ll be less like a meme and more like an actual investment. Or maybe not. Who can say? 💀🚢
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2025-03-10 11:33