Dogecoin Drops 10%, Bonk and AI16Z See Bigger Losses as Cryptocurrency Market Drops

Dogecoin is having a rough day, down nearly 10% in the past 24 hours. This decline comes as the digital currency market grapples with mixed US economic data, causing a market-wide decline. While Dogecoin is still the biggest loser among the top 10 cryptocurrencies, other meme coins are even worse. Bonk (BONK) and Dogwifat (WIF), both based on Solana, saw declines of about 11%, and the AI-themed meme AI16Z fell by about 15%.

Many other coins are facing similar struggles. Floki (FLOKI), Brett (BRETT), and Gigachad (GIGA) shares are down about 11%, and Popcat (POPCAT) faces a steep decline of about 16%. Market sentiment is generally negative, but Akuma Inu, a dog-shaped token based on the Ethereum Layer 2 network, is an exception. It is up 55% during the day and 264% over the past week.

Bitcoin, the dominant player in the market, was also affected, falling from about $101,000 to about $97,856, a decline of more than 4%. Ethereum and Dogecoin both lost about 7%, and Solana saw a 6% decline. These losses reflect a broader market trend, as investors react to mixed economic data, including hotter-than-expected job opportunities.

Despite the decline, Dogecoin has had a great start to the year. It rose to nearly $0.40 earlier in January, pushing its price up 11% over the week. However, its price is now around $0.35. Cryptocurrency company Galaxy Digital has predicted that Dogecoin will reach $1.00 by 2025, surpassing its previous all-time high of $0.73 in 2021. However, the recent price decline has pushed it away from that goal.

Mimecoins are notoriously volatile, often experiencing more significant fluctuations than major cryptocurrencies such as Bitcoin and Ethereum. While Bitcoin’s 4% drop was significant, Dogecoin’s 10% drop, along with the declines of other cryptocurrencies, highlights the high volatility of these tokens. Mime coins remain unpredictable, with large fluctuations in value regularly occurring.