DOGE Price Plummets 78% from ATH, Elon Musk Can’t Save it?

Jakarta, Pintu News – The price of Dogecoin (DOGE) has suffered a sharp slump in the past month, losing more than a third of its value and erasing all gains made following Donald Trump’s victory in the November election.

Based on data from CoinGecko, DOGE spiked to 7,847 IDR($0.48) but is now only at around 2,716 IDR ($0.166).

The largest meme coin touched 2,371 IDR ($0.145), its lowest level since October 2024. Despite a 6% recovery in the past day, Dogecoin’s current price remains lower than a year ago, signaling increasingly pessimistic market sentiment.

Check out the full news below!

Crypto Markets in Turmoil, Dogecoin a Victim?

According to Decrypt, DOGE is not alone in its decline. The crypto market is experiencing major turmoil following President Donald Trump’s economic policy announcements. Recently, Trump announced a series of new trade tariffs that sparked economic tensions with the US’ neighbors.

This policy uncertainty made investors pull back from risky assets, including cryptocurrencies.

Open interest in the Dogecoin derivatives market – which shows the total number of open positions in futures contracts – has fallen from 86.3 trillion IDR ($5.28 billion) in January to just 22.4 trillion IDR ($1.37 billion) today. Investors seem to be starting to doubt whether DOGE still has bright prospects ahead.

Also read: US Citizens Lost $5 Billion to Crypto Airdrops, Here’s Why!

Bitcoin (BTC) falls, Meme Coin takes a hit!

Not only Dogecoin, but Bitcoin (BTC), the main benchmark of the crypto market, has also experienced a major correction. From a record high of 1.76 billion IDR ($108,000), BTC has now slipped to below 1.26 billion IDR ($77,000), reflecting a decline in investor confidence in the crypto market as a whole.

Other meme coins like Pepe Coin (PEPE) and Shiba Inu (SHIB) also experienced massive selling pressure. This shows that the cryptocurrency market is still very volatile and tends to react negatively to global economic uncertainty.

Also read: 3 Crypto Narratives to Watch for the Second Week of March 2025!

Elon Musk and DOGE: A Fading Influence?

Before the US election, Elon Musk, CEO of Tesla and SpaceX, and Trump’s economic advisor, repeatedly expressed his support for Dogecoin. In fact, his remarks during Trump’s campaign helped the price of DOGE soar to a three-year high.

However, even though Musk now has an important position in the government, his influence over DOGE seems to be waning. In fact, despite the existence of the Department of Government Efficiency (DOGE)-a government agency named after the cryptocurrency-there has been no positive impact on the Dogecoin price.

This shows that hype alone is insufficient to sustain DOGE’s value in an increasingly competitive market.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Decrypt. Dogecoin Down Bad: Elon Musk’s Favorite Meme Coin Sheds Post-Election Gains. Accessed March 13, 2025
• Featured Image: Generated by AI