- Dogecoin has plummeted 8% in 24 hours to $0.18, marking its lowest value since early November and a 30% decline over the past month.
- Most major cryptocurrencies have surrendered gains from Trump’s “crypto reserve” announcement, with Bitcoin falling to $83,250 and Ethereum dropping nearly 4%.
- Over $276 million in crypto futures positions have been liquidated in the past day, with long positions comprising the majority of these liquidations.
Cryptocurrency markets tumbled this week, erasing gains sparked by President Trump’s proposed "crypto reserve" announcement. Dogecoin leads the decline among top cryptocurrencies, dropping nearly 8% to $0.18 in the past 24 hours—its lowest level since early November when Trump’s election victory initially boosted the meme coin.
According to data from CoinGecko, the popular meme coin has experienced a substantial 30% collapse over the past month. This downturn coincides with broader weakness across meme tokens, following the sharp decline of Trump’s own TRUMP token on the Solana Blockchain after its January surge, and controversy surrounding the LIBRA coin promoted by Argentine President Javier Milei in February.
The reversal extends beyond just meme coins. Bitcoin has retreated nearly 4% to approximately $83,250, essentially returning to its pre-announcement value from last Sunday. Similarly, Ethereum has shed almost 4% of its value during this market correction.
Other cryptocurrencies highlighted in Trump’s strategic reserve plans have also surrendered their gains. XRP, the Ripple-associated digital asset, has fallen over 7% to $2.18, dropping below its pre-announcement price. Solana has declined 3% to $133, likewise trading below where it stood before Trump’s statement.
Cardano (ADA) has shown more resilience, retaining some gains despite a nearly 7% daily decline to $0.765. The token still maintains a 17% weekly increase, benefiting from heightened interest following its mention in Trump’s Truth Social post last Sunday.
The market-wide correction has triggered substantial liquidations, with CoinGlass reporting approximately $276 million worth of cryptocurrency futures positions eliminated in the past 24 hours. The vast majority of these liquidations involved long positions, indicating that investors betting on continued price increases have been caught in the reversal.
Dollar-pegged stablecoins remain the only major digital assets unaffected by the downturn, maintaining their designed price stability while other cryptocurrencies experience significant volatility.
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