The memecoin market is experiencing extreme volatility, with Dogecoin hitting a 2025 low of under $0.31, down nearly 16% over the past week. The decline in Dogecoin's value is attributed to the broader downturn in the cryptocurrency market, which has seen significant losses among various memecoins. Dogecoin's open interest has dropped from $5.5 billion to $3.8 billion, reflecting a $1.7 billion decrease in less than two weeks. Meanwhile, MLG has emerged as a notable player in the memecoin space, reportedly increasing by 50% to a market capitalization of $140 million on $45 million in trading volume. The market is currently characterized by sharp fluctuations, with some coins experiencing massive gains while others face severe losses. The overall sentiment in the memecoin sector remains cautious as traders navigate the ongoing market turbulence.