However, the currency has somewhat bounced back, at $0.282176 (£0.20) at the time of writing.
According to Coindesk, at the time of writing Dogecoin was worth $0.280883 (£0.20).
This is a 14.27 percent decrease in the past 24 hours, with a market cap of $36.28 billion (£26.03 billion).
The highest Dogecoin reached over the past 24 hours was $0.331847 (£0.24) at 9.59am BST on Wednesday.
DOGE has since been dropping, reaching $0.273682 (£0.20) at its lowest at 10.14pm BST last night.
DOGE has seen a boost thanks to celebrity endorsement and social media campaigns, with SpaceX founder Elon Musk tweeting about the crypto to his more than 50 million followers.
Capital.com has released stats showing since the beginning of this week, more than 76 percent of all trades executed on Capital.com, high-growth trading and investing platform, were related to the cryptocurrency markets.
This is a significant jump from last month when just 43 percent of all trades were dedicated to cryptocurrency markets.
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