Dogecoin (DOGE) has experienced a significant drop in the past 24 hours, falling 6.01% as part of a broader market correction impacting several major cryptocurrencies. This downturn comes after a period of strong performance for DOGE.
Despite the recent dip, the meme-inspired cryptocurrency remains up by 12.28% over the past week, 17% over the last 14 days, and 10.03% over the past month. Looking at its long-term growth, DOGE has surged an impressive 63.71% since July 2024.
Is Now the Perfect Time to Buy the Dogecoin Dip?
The cryptocurrency market has seen significant gains in recent days, with Bitcoin (BTC) leading the charge. On July 14, Bitcoin reached a new all-time high of $123,091, driven by increased investor interest and market optimism. However, after hitting this milestone, the flagship cryptocurrency experienced a slight pullback, settling around the $117,000 mark.
Dogecoin’s surge was likely driven by Bitcoin’s recent rise. Bitcoin’s rally, in turn, may have been sparked by a surge in institutional investments in recent months. Even during times of uncertainty, BTC ETFs continued to see steady inflows. Global geopolitical tensions appeared to have little impact on major financial institutions.
The dip in the crypto market could persist for the next few days as investors potentially book profits. BTC’s price has been steadily declining since its July 14 peak and may continue to drop further. Similarly, Dogecoin (DOGE) could follow the same trend.
Buying the dip can be a smart investment move, but timing it is often tricky. This cycle, the crypto market has seen limited retail participation, with many investors still hesitant to re-enter. Assets like DOGE may be struggling due to this lack of retail confidence, while BTC remains the standout, hitting new highs during this bull run.
Moreover, predicting the performance of other cryptocurrencies in this environment remains uncertain. Additionally, the Federal Reserve’s decision to keep interest rates steady may have further unsettled retail investors. As for Dogecoin (DOGE), its trajectory in the coming weeks is uncertain, with the possibility of further corrections on the horizon, though nothing is guaranteed.
Also Read: Could XRP Hit $4 If Bitcoin Rises to $135k?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
