Dogecoin Was Worth $50 Billion On Donald Trump's Inauguration Day: It's Now Down To $25 Billion

Dogecoin DOGE/USD has seen a sharp 38% decline in the past month, wiping out its annual gains despite multiple catalysts for a broader crypto market rally.

What Happened: Launched in March 2015, Dogecoin traded relatively flat until May 2021.

Its biggest rally occurred in May 2021, when Elon Musk called it a "hustle" on Saturday Night Live, sending DOGE to an all-time high of $0.7376. DOGE is currently trading around 77% lower.

In December 2024, DOGE saw another surge, fueled by a broader crypto market rally.

A third major rally happened in January 2025 when traders speculated about the possibility of a new ATH.

Despite these price surges, DOGE has struggled to maintain momentum, even after the creation of the Department of Government Efficiency (D.O.G.E.), led by Elon Musk.

The hype surrounding DOGE's adoption in political and institutional circles wasn't enough to keep prices elevated.

Also Read: Unprecedented 400% Surge in Dogecoin Network Activity: A Bullish Move?

Why It Matters: Institutional adoption, however, continues to grow. On Jan. 31, Grayscale Investments launched the Grayscale Dogecoin Trust, providing institutional investors with exposure to DOGE.

The meme coin's widespread accessibility, affordability and rapid transaction speeds have led DOGE to garner significant adoption worldwide.

Speculation about a Dogecoin ETF is increasing, as Bitwise, Rex Shares, and Osprey Funds have all filed S-1 applications for approval.

What's Next: With uncertainty still hanging over the broader crypto market, altcoins remain in limbo, waiting to rally alongside Bitcoin.

Crypto analyst Ali Martinez has pointed out that DOGE is now at a critical juncture, facing an important test: Will it break out or hold firm at current levels?