After a period of upward trends, the cryptocurrency market has experienced a downturn in the past few days. Dogecoin, the largest meme coin by market capitalization, has seen a significant decline of nearly 23% in the last seven days. Its current price stands at $0.31, showing a 5% dip today, according to data from CoinGecko.
On Saturday, Dogecoin briefly rose to nearly $0.35 after hitting a low of $0.267 on Friday, which was the lowest price in over a month. However, this rebound was short-lived and the coin continued to decline over the weekend.
Although Dogecoin has gained 233% in the past year, it has lost momentum since reaching a three-year high of $0.48 earlier in December.
Other meme coins have also experienced significant declines in the past week. Dogwifhat (WIF) has fallen by 32%, while Floki (FLOKI) and Pepe (PEPE) have dropped by 27%. Shiba Inu (SHIB) has mirrored Dogecoin’s losses with a 23% dip this week.
Bitcoin, the leading cryptocurrency, has also seen a dip of over 7% this week, with its current price at $95,140. It has experienced a 12% decline in the last five days since reaching a new all-time high above $108,000. XRP has fallen by 9% in the past week to $2.21, significantly lower than its seven-year peak of $2.82 earlier this month.
Among the top 10 cryptocurrencies by market capitalization, Dogecoin has experienced the largest decline this week. However, other contenders such as Ethereum, Solana, and Cardano have also seen substantial drops of 16%, 18%, and 19% respectively.