Despite being criticized as risky and speculative investments and often created as a joke, meme coins continue gaining traction fuelled by their growing online communities. However, the original meme coin, Dogecoin, is still underperforming in the market, with its price and market cap deep below last year’s levels.
According to data presented by BitcoinCasinos.com, a $1,000 investment in Dogecoin a year ago is worth only $558 today.
The Worst Performer Among the Top Meme Coins
After the crypto winter, which brought a $2trn wipeout and spooked investors about the future of the entire market, meme coins, which add a layer of risk, have seen both their values and the number of investors drop. While many bounced back over the past three months, that’s not the case with Dogecoin. Dogecoin’s biggest asset, aside from its entertainment value, is its community, which hasn’t given enough momentum to drive its price back to last year’s levels.
Assuming an investor bought $1,000 worth of DOGE coins tokens on March 12, 2022, they would have picked up 8,333 coins priced at around $0.12. Just six months later, after the crypto price crash, that $1,000 investment would turn into $491, showing a massive 50% drop.
After a short price rally in November 2022 and Dogecoin’s price recovering to $0.14, the value of the original meme coin continued falling and dropped to $0.067 last week, showing a one-year negative investment return of -44%.
The CoinMarketCap data also show Dogecoin was the worst performer among the top meme coins in 2023. While Shiba Inu, FLOKI, BoneShiba Swap, and Baby Dogecoin have all seen double and triple-digit market cap growth over the past three months, the combined value of all DOGE coins dropped by 25%.
Dogecoin’s Price Slumped 90% Below an All-Time Peak; Over $80B Wiped Off its Market Cap
Despite remaining one of the most popular cryptocurrencies in the world’s largest crypto markets, like the United States and the United Kingdom, Dogecoin has seen its price tumble in the past year. The CoinMarketCapa data showed the meme coin lost 56% of its value in 2022 only, ranking among the biggest crypto price losers.
At this point, Dogecoin’s price is still 90% below its all-time peak in mid-2021, when it grabbed investors’ attention as one of the fastest-growing cryptos out there. In May 2021, Dogecoin was traded at $0.68, while its market cap stood at $89bn at that time. After a turbulent 2021, and cold 2022, Dogecoin’s price slumped to $0.067, wiping more than $80bn off its market cap.