Despite Bitcoin's impressive recovery after surpassing the $100,000 mark, Dogecoin and other meme coins have sunk into the red, recording significant declines among the top 10 cryptocurrencies.
Dogecoin: From Peak to Decline
On December 7, DOGE reached a peak price of $0.48—the highest since 2021. However, within just one week, the price of DOGE has sharply dropped by 19%, currently fluctuating around $0.39. In just the past 7 days, Dogecoin has lost 15%, becoming the strongest declining coin in the top 10 by market capitalization.
Compared to other major coins:
Cardano (ADA) decreased by 13%
Solana (SOL) decreased by 10%
Meanwhile, Bitcoin (BTC) is the only coin that recorded a slight increase of 0.7%, currently trading at $100,995.
The Collapse of Meme Coins
Not only Dogecoin, but other meme coins in the top 100 have also plunged severely:
Dogwifhat (WIF) decreased by 28%
Bonk (BONK) decreased by 23%
Brett (BRETT) decreased by 22%
Shiba Inu (SHIB) decreased equal to Dogecoin by 15%.
The total market capitalization of cryptocurrencies also decreased by 3% in the past 24 hours, according to CoinGecko data.
Reasons for the Decline
The strong market volatility after Bitcoin reached a new peak on December 4 led to sudden price drops, causing a widespread sell-off effect. Although Bitcoin quickly recovered, other assets, especially Dogecoin, still faced significant pressure from investor sentiment and weak liquidity.
Conclusion
Although meme coins once attracted a large number of investors due to community effects, the current severe volatility shows the high risks of this type of asset. While Bitcoin continues to maintain its upward trend, Dogecoin and other meme coin investors may need to consider carefully before making decisions.
