Meme coin prices have plunged from their recent highs as investors sour on risk assets.
Most meme coins have fallen dramatically from the peaks they reached after the re-election of U.S. President Donald Trump last November. Dogecoin (DOGE), one of the more popular meme coins, is now down more than 60% from its peak and trading at $0.22 per digital token.
Fartcoin, one of the most speculative cryptocurrencies, has declined about 90% from its peak, with most of those declines coming in recent weeks. The Trump meme coin is down more than 80% from its peak reached around the U.S. president’s inauguration on Jan. 20 of this year.
SEC Ruling
The selloff in meme coins comes amid a broader decline in crypto prices since Trump returned to the White House, with Bitcoin (BTC) falling from a peak of just over $109,000 to just below $80,000 during February. Meme coins are also under pressure after the U.S. Securities and Exchange Commission (SEC) ruled that most of the digital tokens are “not securities” and should not be treated like stocks.
Not even Trump’s announcement in recent days that his administration is moving forward with a strategic crypto reserve has been enough to stop the slide in meme coins. Dogecoin is down 8% on March 3, days after Trump said on social media that he plans to create a crypto reserve that will not only involve Bitcoin but also include cryptocurrencies such as Ethereum (ETH), Solana (SOL) and Cardano (ADA).
DOGE is now down 31% on the year.
Is DOGE a Buy?
Most analysts don’t offer ratings or price targets on cryptocurrencies such as Dogecoin. So instead, we’ll look at the three-month performance of DOGE. As one can see in the chart below, the price of Dogecoin has declined 53% in the last three months.
