Dogecoin has experienced a significant decline, dropping 23% this week to a current price of $0.31, following a peak of $0.48 in December. Other cryptocurrencies, including Bitcoin and XRP, have also faced losses, with Bitcoin down over 7% and XRP falling 9%. Despite the downturn, Dogecoin remains up 233% year-over-year, but its volatility is evident as rival meme coins like Dogwifhat and Shiba Inu have seen even steeper declines.