After Donald Trump’s re-election in 2024, Dogecoin was at its peak. Its market capitalization exceeded $24.7 billion, and investors hoped the price would surpass its record high of $0.73.

This week, Dogecoin dropped to $0.14, reaching its lowest level in recent months. It is now trading at $0.16, according to Kraken. Over the past 24 hours, trading volume has reached $2.4 billion, but the cryptocurrency remains 77% below its peak.

Despite Elon Musk’s ties to Trump’s new Department of Government Efficiency (D.O.G.E.), Dogecoin has failed to rise. The overall decline in the crypto market and tariff uncertainty have had a stronger impact.

“Dogecoin has lost a third of its value in the past month,” said Quai Network co-founder Alan Orwick. “DOGE is losing ground to new memes on Solana and fading in popularity.”

Trump’s launch of his own token marked the peak of the meme frenzy.

“The U.S. president launching a meme token was the local top,” said Nansen analyst Jake Kennis.

Meme cryptocurrencies are particularly vulnerable during downturns.

“They have no business model or economic growth,” noted RedStone Oracles COO Marcin Kazmierczak.