Dogecoin has lost nearly all of its gains since President Donald Trump’s election victory, with its price now hovering just above $0.2095, according to TipRanks data. The meme coin previously surged to $0.48 in December, fueled by optimism around Trump’s crypto-friendly stance. However, it has since plummeted, making it one of the worst-performing major cryptocurrencies in recent weeks.
Market Uncertainty and Meme Coin Scams Weigh on DOGE
The broader crypto market has taken a hit due to fears over trade tariffs, inflation, and recent meme coin scams, according to MarketWatch. Trump’s own $TRUMP memecoin has collapsed 82% from its peak, while Melania Trump’s token has fallen 93%, further shaking investor confidence.
Elon Musk Distances Himself from Crypto
Dogecoin’s decline comes as Elon Musk, one of its biggest supporters, clarifies that he is not actively involved in crypto. As reported by Blockworks, Musk stated, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.” His past endorsements helped propel DOGE to mainstream status, but his recent disinterest has left traders uncertain about its future.
Regulators Push for Political Memecoin Restrictions
In response to concerns about politicians profiting from crypto, Representative Sam Liccardo introduced the MEME Act, which would ban public officials from issuing or endorsing meme coins, according to AP News.
As meme coins face mounting skepticism, investors are re-evaluating their long-term potential in a market that is becoming increasingly reactive to regulation and real-world utility. Therefore, investors should stay informed by tracking cryptos on the TipRanks Cryptocurrency Center.
