Dogecoin (DOGE) Has Lost Nearly All of Its Gains Since Donald Trump's Election Victory

Dogecoin has lost nearly all of its gains since President Donald Trump’s election victory, with its price now hovering just above $0.2095

Dogecoin (CRYPTO: DOGE) has nearly wiped out all of the gains it made since President Donald Trump’s election victory, with its price now hovering just above the $0.2095 mark, according to TipRanks data.

The meme coin previously soared to $0.48 in December, driven by optimism over Trump’s crypto-friendly stance and Elon Musk’s enthusiasm for the token. However, it has since plummeted, making it one of the worst-performing major cryptocurrencies in recent weeks.

Meme coin optimism began waning as the broader crypto market came under pressure from fears over trade tariffs, inflation, and recent meme coin scams, as noted by MarketWatch. Trump’s own $TRUMP token has collapsed 82% from its peak, and Melania Trump’s token has plummeted 93%, further dampening investor morale.

Elon Musk: ‘I’m Not Advising Anyone to Buy Crypto'

Dogecoin’s decline also coincides with Elon Musk, one of its biggest supporters, clarifying that he is not actively advising anyone on crypto. As reported by Blockworks, Musk said, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”

Musk’s past endorsements helped propel DOGE to mainstream status, but his recent aloofness has left traders in no man’s land.

Congress Pushes for Political Memecoin Limits

In response to concerns about politicians profiting from crypto, Representative Sam Liccardo has introduced the MEME Act, which would prevent public officials from issuing or endorsing meme coins, according to AP News.

This bill, an acronym for the "Members of Congress Must Act Responsibly with Endorsements" Act, aims to restrict politicians from engaging in activities that could create a conflict of interest.

As meme coins face growing skepticism, investors are reassessing their long-term prospects in a market that is becoming increasingly sensitive to regulation and real-world applications. To stay updated, follow a variety of crypto news sources and track cryptos on the TipRanks Cryptocurrency Center.