The cryptocurrency landscape experienced a notable downturn this week, with Dogecoin, the foremost meme coin by market cap, leading the plunge. The coin’s value fell to $0.31, marking a near 5% drop on the day and a 23% decrease over the past seven days, according to CoinGecko data.
Despite a brief resurgence to nearly $0.35 over the weekend, Dogecoin struggled to maintain momentum, collapsing to its lowest price in over a month at $0.267 on Friday. This retracement comes after a stellar year that saw the coin peak at $0.48 in December, achieving a three-year high but subsequently losing steam.
The fluctuating fortunes of Dogecoin underscore the inherent volatility within the meme coin sector, which saw other notable currencies such as Dogwifhat (WIF), Floki (FLOKI), and Pepe (PEPE) experiencing even steeper declines. Similarly, Shiba Inu (SHIB) echoed Dogecoin’s 23% weekly loss.
Meanwhile, the broader crypto market was not spared from the downturn. Bitcoin witnessed more than a 7% decline over the week, dropping to $95,140, while XRP fell by 9% to $2.21. Both currencies had reached significant milestones earlier in the month, with Bitcoin setting a new all-time high above $108,000 and XRP achieving a seven-year peak at $2.82.
Amid the market correction, no top 10 cryptocurrency by market cap suffered more than Dogecoin, though Ethereum, Solana, and Cardano saw substantial losses as well, highlighting the ongoing challenges and uncertainty in the cryptocurrency space.
