The cryptocurrency market has lost almost 13% of its value in the last few days. While Dogecoin, the notoriously volatile joke coin, has had a smaller daily drop, it is already at its lowest level in almost nine months.
As of this writing, Dogecoin has dropped about 9% in the last 24 hours to just around $0.14, and it briefly fell below $0.14 this afternoon. According to CoinGecko’s data, the price of DOGE has plummeted 18% in the last seven days.
Dogecoin has dropped below $0.14 for the first time since mid-April 2021, when the long-running meme coin was experiencing a social media-fueled rise that pushed its value from $0.07 to $0.40 in a matter of days.
In early 2021, the value of Dogecoin skyrocketed. It started the year at less than a penny per coin, but as part of the larger meme stock trading frenzy, it began to rise significantly in late January. DOGE reached a high of roughly $0.08 per coin in early February before beginning to decline.
In April and May, however, DOGE’s value increased several times more, eventually reaching an all-time high of $0.73 on May 8. However, that high point did not last.
DOGE fell hard with intermittent upward swings as the wider crypto market entered an early summer free fall, but it never came close to recapturing its peak. DOGE hasn’t topped $0.30 since early September, according to CoinGecko. Dogecoin’s price has dropped 81% since its all-time high as of this writing.
DOGE began as a joke in 2013, but by 2021, it had grown in value as millions of new investors flocked to cryptocurrencies. Mark Cuban and Elon Musk are big enthusiasts, with the latter frequently pumping the price of DOGE with his tweets. It also helped Robinhood’s crypto business, albeit the company cautioned against relying on such a volatile currency.