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Dogecoin Plunges Below $0.31 Amid Crypto Market Slump

Coin WorldMonday, Jan 27, 2025 7:29 pm ET

1min read

Dogecoin, the original meme coin and a favorite of Elon Musk, experienced a significant decline on Monday, falling below the $0.31 mark to reach its lowest price of the year so far. The coin's price now stands at $0.33 per coin, after a 24-hour dip of just under 5%. Among the top 10 cryptocurrencies, only Solana (SOL) and Cardano (ADA) have fallen harder, with SOL down by 6% and ADA falling 5%.

Other notable losers in the top 100 coins include Pudgy Penguins (PENGU), which plunged by 16% following the launch of its parent company's new Ethereum layer-2 network Abstract. Solana Swap (SOS) also fell by 16%, while the meme coin Pepe experienced a 10% decline. Donald Trump's official meme coin, TRUMP, fell below $25 on Monday but has since rebounded to $27.30, down more than 2% on the day.

Meme coins, known for their high volatility, often experience significant price swings when Bitcoin takes a hit. Despite Monday's decline, Dogecoin remains up significantly over the past year, having jumped by 312%.

The broader crypto market is currently in the red, following the release of a new open-source large language model by Chinese artificial intelligence startup DeepSeek over the weekend. Tech investors sold their stakes in American AI-related companies due to concerns about the new Chinese product's resource efficiency and similar quality. Crypto has largely traded in tandem with U.S. stocks, both considered "risk-on" assets prone to large price swings.

Bitcoin is now trading for $101,370 after dropping by about 3% over the past day. This time last week, it hit a new all-time high of $108,786.

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