Expand in the Dumps: Dogecoin Sheds Most of Its Post-Election Profits

After gaining nearly all of its post-election benefits following the victory of crypto-friendly President Donald Trump on November 5, Dogecoin has surged in price.

CoinGecko data shows that the coin—the eighth-biggest in the space—is now trading hands for just over$ 0.20 a pop, after falling below$ 0.197 earlier Wednesday afternoon.

Dogecoin is properly tied with Solana as the best loser of the top 20 electronic coins and tokens by market cap over the past week, both losing more than 19 % of their particular value. DOGE has decreased by 3 % over the past day.

On the day of the U. S. poll, Dogecoin was trading for a small over$ 0.17, but immediately rocketed up after President Trump won.

It hit a high of$ 0.48 in December, but has now plummeted and shed most of its post-election gains. And the O. G. image coin also has a long way to go until it beats its 2021 all-time great of$ 0.73.

Open interest for the coin has also nosedived and currently stands at$ 1.87 billion, according to CoinGlass. The number indicates how much investments were combined with the asset’s potential price. Dogecoin open interest in January hit an all-time high mark of$ 5.25 billion.

Dogecoin was a well-known video coin that originated as a joke in 2013 and is now a cryptocurrency based on an Internet meme.

But Tesla and SpaceX director Elon Musk started tweeting about the property years ago, which helped it gain a much larger following, rapidly exploding in market cap and becoming a” serious” crypto.

It has since dropped in value, but still sees substantial high trading volume—over$ 2 billion has changed hands in DOGE over the past 24 hours, CoinGecko says.

The price of the coin drops as Solana and Solana-based meme tokens decline in value as the crypto market suffers as a whole. Investors spooked by meme coin scams, Trump trade tariffs, and inflation are quickly exiting their crypto positions.

After Musk claimed on the campaign trail that Trump would allow him to establish a government department that bears the name DOGE, or Department of Government Efficiency, the coin made a comeback last year.

But it’s worth noting that the world’s richest man, who now has a prominent position in Trump’s administration, has admitted that he’s “actually not actively involved in crypto”.

” I make Dogecoin jokes and stuff because I just kind of like Dogecoin”, he said back in October.