Dogecoin
Dogecoin TVL dives to 2023 lows amid ‘Black Monday’ sell-off – Is a DeFi crisis brewing?
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Journalist
- Dogecoin’s DeFi TVL drops to $2.79M, showing a loss of confidence in meme-based assets.
- Global market panic accelerates Dogecoin’s decline, raising doubts about the future of meme-driven DeFi.
Dogecoin [DOGE] just hit a new low — not in price, but in utility. The network’s TVL has plunged deep, marking its weakest DeFi presence since 2023.
The drop comes in the wake of crypto’s “Black Monday” sell-off, where market-wide panic wiped billions in value.
But Dogecoin’s decline goes beyond market sentiment — this sharp DeFi unraveling signals a deeper crisis of confidence in meme-based financial infrastructure. Is Dogecoin’s ecosystem quietly collapsing beneath the surface?
TVL collapse erases months of growth
Dogecoin’s DeFi footprint has rapidly eroded, with TVL plunging to just $2.79 million — the lowest since early 2023.
After peaking above $10 million in late 2024, DOGE’s DeFi capital has been in freefall, shedding over 70% in a matter of weeks.
Source: DeFiLlama
The data highlights a steady build-up through 2023, followed by volatile spikes and abrupt drawdowns through early 2025.
The most aggressive decline began mid-February and accelerated in April, aligning with broader market capitulation.
For a token once celebrated as a gateway for retail adoption, this reversal marks a sobering retreat from on-chain engagement.
Global jitters hit Dogecoin hard
Dogecoin’s DeFi unwinding coincides with a broader market panic triggered by President Trump’s “Liberation Day” tariff announcement.
Echoes of 1987’s Black Monday are surfacing as global investors react to fears of a recession sparked by sweeping trade levies.
Source: X
Market commentator Jim Cramer warned that the lack of a clear economic plan could lead to another historic crash, with risk sentiment evaporating fast.
For meme-driven assets like DOGE, which already walk a speculative tightrope, the shock has been especially severe — acting as a catalyst for capital flight and deepening doubts about its durability.
Meme DeFi on the brink?
While Dogecoin leads the decline, it’s not alone — other top memecoins have also seen their DeFi ecosystems shrink under mounting pressure. What once seemed like playful experimentation, now faces a harsh reality check.
As capital retreats and enthusiasm cools, questions loom over whether meme-based protocols can withstand macro stress, or if the sector’s moment was always fleeting.
For now, the entire meme DeFi landscape appears to be clinging to relevance, one liquidation at a time.
