#FOMCMeeting Dogecoin Decline Amid Growing Popularity of Trump Meme Coin

Dogecoin (DOGE), the original meme coin, has been a cornerstone of the cryptocurrency market for years. However, its momentum has recently waned with the launch of the Trump meme coin on the Solana blockchain. While Dogecoin stumbled, the Solana ecosystem has seen significant growth as traders flocked to the new promotional wave.

In this blog, we will explore how Dogecoin's price reacts to the influx towards the Trump coin, the impact on the broader meme market, and why Solana stands out as a key player in the cryptocurrency space.

1. Dogecoin's Struggles Amid New Competition

Dogecoin experienced a slight rise to its highest level in a month at $0.43 on late Friday, before dropping to $0.397 after the launch of the Trump coin. This represents an 8% decline from its peak, highlighting the shift in traders' focus within the highly volatile meme coin market.

Why is Dogecoin's Price Falling?

This decline is largely attributed to traders selling their Dogecoin holdings to purchase the new Trump token, which quickly became the center of attention. Such reallocations are common in the meme coin space, where hype often dictates price movements.

Despite this decline, Dogecoin is still up 18% for the week, demonstrating its resilience as a market favorite.