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Dogecoin crash

Why Is The Dogecoin Price Down Today?

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin (DOGE) has experienced a massive decline in the last 24 hours and has been one of the most affected tokens amid the widespread downtrend in the crypto market. Thanks to this, the foremost meme coin has dropped to levels not seen since February earlier this year. 

The Reason For The Dogecoin Price Crash

Dogecoin has suffered this significant price crash thanks to its strong positive price correlation with Bitcoin. Data from the market intelligence platform IntoTheBlock shows that Dgecoin’s price correlation with Bitcoin is currently at 0.95, which is almost the peak of a strong positive price correlation that any asset can have with the flagship crypto. 

Related Reading: Crypto Analyst Releases Outlook For PEPE, Ethereum, And XRP, Here Are The Targets

As such, Dogecoin has simply walked the same path as Bitcoin, with the flagship crypto down over 11% in the last 24 hours and down to price levels not seen since the beginning of the year. Bitcoin and Dogecoin’s price declines can be attributed to the current macroeconomic situation in the US and globally. 

The July jobs report suggested that the US economy might be in a worse state than many imagine, with unemployment soaring to 4.3%, higher than expectations. This has raised concerns among crypto traders that risk assets like Dogecoin are likely to be most affected if things get worse.

The Federal Reserve has also not helped matters as it continues to stall on cutting interest rates. This has led to a dwindling bullish sentiment among crypto investors since there were projections that these interest rate cuts would come even before now. Higher interest rates are bearish for the crypto market since investors have less to spend on these risk assets, including Dogecoin. 

Meanwhile, the actions of the Bank of Japan are also believed to have sparked off a domino effect, which is also hurting Bitcoin and Dogecoin’s prices. Last week, Japan’s central bank raised its benchmark interest rate, which immediately led to a massive plunge in the Nikkei (Japan’s stock exchange). This development looks to have extended to the US stock market and the crypto market, seeing how both markets have reacted. 

A Buy The Dip Opportunity?

Crypto analyst Crypto Kaleo has suggested that Dogecoin’s recent price drop is the perfect ‘buy the dip’ opportunity, especially with his prediction that the foremost meme coin will still rise to $1 later in this bull run. Based on this, he opined that Dogecoin’s price crash is a “gift,” although many might perceive it as painful. 

Related Reading: Here Are How Many Shiba Inu Holders Are In Loss After That Crash

Dogecoin investors might have the opportunity to stake the meme coin at more discounts, with Crypto Kaleo predicting that DOGE might still drop to as low as $0.07. He added that there would be no more pain after the drop to $0.07 and that investors just have to wait a few months before Dogecoin finally reaches $1. 

Dogecoin
Source: X

At the time of writing, Dogecoin is trading at around $0.08, down over 21% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE Price drops below $0.1 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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