D.O.G.E. Meme Coin, Named After the Department of Government Efficiency, Is Down 30% in a Month, but Traders Still See a Possibility for the Meme Coin to Bounce Back

The D.O.G.E. meme coin, named after the Department of Government Efficiency, is down 30% in a month, but traders still see a possibility for the meme coin

The price of D.O.G.E> has fallen sharply over the past month, decreasing by 30%. However, some traders still believe that there is potential for the meme coin to bounce back.

What Happened: Prominent trader Unipcs noted on X on Friday that D.O.G.E> did not perform as expected due to the launch of Trump TRUMP/USD, which pulled liquidity from the broader meme coin market — including Dogecoin DOGE/USD itself.

Before TRUMP's debut, both Doge-related meme coins appeared primed for new all-time highs, but liquidity rotation and "sell-the-news" sentiment led to a major drawdown.

Over the past month, D.O.G.E> has dropped 30%, while Dogecoin remains up 4%.

The trader argues that unlike most election-based meme coins, D.O.G.E. has a strong, lasting narrative that should continue gaining traction throughout Trump's administration.

Elon Musk's ongoing meme involvement further adds to its credibility and potential longevity.

He also highlighted some potentially bullish factors, such as on-chain metrics, with over 4,200 new holders in the past week across Ethereum and Solana, record-breaking volume during the sell-off and a strong, committed community and team.

While short-term price action has been weak, the underlying fundamentals remain intact, Unipcs argues.

See More: Best Meme Coins To Buy In 2024

TRUMP Coin Performance And Launch Details: Since launching in mid-January, the TRUMP meme coin has skyrocketed to a $5.2 billion market cap with $1.88 billion in 24-hour trading volume, quickly cementing itself alongside DOGE, Shiba Inu and Pepe.

The new meme coin, which is available for trading on decentralized cryptocurrency exchanges such as Uniswap, Sushiswap and 1Inch, began trading at around $0.029.

It quickly rallied to reach all-time highs as high as $0.24 on Friday, before dropping to trade around $0.17 to $0.18 by Saturday morning.

TRUMP, the former president, has not commented on the new meme coin, which is seeing strong interest from cryptocurrency traders.

The coin, which is not officially affiliated with Trump, features an image of the former president on a gold coin, along with the text "Make America Great Again!" on the back.

The TRUMP meme coin is among several meme coins that have launched in recent months, following the massive gains seen by Dogecoin and Shiba Inu in 2023.

Other meme coins that have seen strong interest include Pepe, DogeElon and BabyDoge.