New
Why Dogecoin Is Plummeting This Week
The cryptocurrency Dogecoin (CRYPTO: DOGE) saw its value sink this week. The meme coin is trading 15.5% lower as of 4:40 p.m. ET on Jan. 23 but was down as much as 17.5% earlier in the week. The slump comes as the S&P 500 gained 2% and the Nasdaq 100 gained 2.1% on the week.
Dogecoin is feeling the pressure of high-profile entrants into the meme coin space this week weakening its main value proposition in some investors' eyes.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. See the 10 stocks »
Trump released his meme coin days before he was sworn in as president. Named Official Trump, it has the ticker $TRUMP. The token is intended as a meme -- made very clear by Official Trump's website -- not as a serious financial instrument. But as we've seen with Dogecoin and others, memes can be lucrative under the right circumstances.
Official Trump is up more than 400% since its launch, although it was up close to 1000% earlier in the week before losing roughly half its value.
Move over, Dogecoin!
The release of Official Trump -- followed closely by several others, including Official Melania Meme -- called into question a central narrative in Dogecoin's value. The dog-themed crypto is closely associated with Elon Musk, and investors may have hoped this proximity to the new president would boost its profile. With Trump and his team releasing several other memes that directly compete, the investment thesis no longer appears sound.
Beyond this, Official Trump's release ruffled feathers among some of crypto's faithful who see it as damaging to crypto's image. Many are hoping Trump's presidency will be a time when crypto continues to cement itself in mainstream finance, but the release of something like Official Trump could be seen to undermine that hope.
Don’t miss this second chance at a potentially lucrative opportunity
Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.
On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves:
- Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $381,355!*
- Apple: if you invested $1,000 when we doubled down in 2008, you’d have $42,390!*
- Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $514,479!*
Right now, we’re issuing “Double Down” alerts for three incredible companies, and there may not be another chance like this anytime soon.
*Stock Advisor returns as of January 21, 2025
Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
