The D.O.G.E. meme coin, named after the Department of Government Efficiency, is down 30% in a month, but traders still see a possibility for the meme coin to bounce back.

What Happened: Prominent trader Unipcs noted on X on Friday that D.O.G.E> did not perform as expected due to the launch of Trump TRUMP/USD, which pulled liquidity from the broader meme coin market—including Dogecoin DOGE/USD itself.

Before TRUMP's debut, both Doge-related meme coins appeared primed for new highs, but liquidity rotation and "sell-the-news" sentiment led to a major drawdown.

Over the past month, D.O.G.E> has dropped 30%, while Dogecoin remains up 4%.

The trader argues that unlike most election-based meme coins, D.O.G.E. has a strong, lasting narrative that should continue gaining traction throughout Trump's administration.

Elon Musk's ongoing meme involvement further adds to its credibility and potential longevity.

He also highlighted potentially bullish factors , such as on-chain metrics, with over 4,200 new holders in the past week across Ethereum and Solana, record-breaking volume during the sell-off and a strong, committed community and team.

While short-term price action has been weak, the underlying fundamentals remain intact, Unipcs argues.

Also Read: If You Invested $10 In TRUMP Meme Coin When It Launched, Here’s How Much You Could Have Made

What's Next: Since launching in mid-January, the TRUMP meme coin has skyrocketed to a $5.2 billion market cap with $1.88 billion in 24-hour trading volume, quickly cementing itself alongside DOGE, Shiba Inu and Pepe.

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