Dogecoin's Price Plunge Continues Amid Lackluster Development

Dogecoin is not the best cryptocurrency to buy right now, despite its accidental success story. In 2013, two software engineers created Dogecoin as a satirical coin using the Bitcoin code with some tweaks.

The price of Dogecoin skyrocketed in 2021 after Elon Musk tweeted about it and appeared on Saturday Night Live, jokingly calling it a 'hustle'. However, the price crashed when he called it a hustle.

The REX-Osprey DOGE ETF, which tracks the price of Dogecoin, has been down 57.6% over the past 12 months and sits 64.5% below its 52-week high. The fund gained 28.2% over the last quarter, but would need to nearly triple to get back to last year's peak.

The Dogecoin ETF has only $13.1 million of assets under management, with an average daily trading volume of about $247,000. In comparison, Apple trades about $744,000 every second and the leading Bitcoin ETF moves about $2.2 billion in daily trading value.