Dogecoin (DOGE) has faced quite a correction over the last two days. The asset has dipped 2.4% in the daily charts and nearly 5% over the previous week. DOGE has maintained some gains in the other time frames. The memecoin is up 4.8% in the 14-day charts, 0.8% in the monthly charts, and 4.1% over the previous month.
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Crypto Market Slides
The crypto market is facing some resistance. Bitcoin (BTC) has fallen to the $94,000 level after its recent climb to the $97,000 mark. The global crypto market cap has also fallen 2.2% in the last 24 hours to $3.04 trillion. DOGE’s price has also suffered due to the market dip.
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There have been some bullish developments that may bring in some investor confidence. A new pro-Bitcoin SEC head may lead to some lenient crypto regulations in the US.
Should You Buy The Dogecoin Price Dip?
A Dogecoin (DOGE) ETF application is awaiting approval at the SEC. New SEC chair, Paul Atkins, may approve a DOGE ETF this year. The move could lead to a DOGE price rally.
There is also a lot of talk about Elon Musk’s X social media platform enabling DOGE payments in its payment feature. Musk is one of the most vocal DOGE supporters worldwide. Many of Musk’s ventures accept DOGE as payment.
The recent market rally was likely fueled by institutional investors. Retail participants are yet to enter the market. Investor confidence is still pretty low.
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The Federal Reserve may cut interest rates very soon. The move could lead to a surge in crypto investments as borrowing becomes easier. Dogecoin (DOGE) and other crypto assets may see an increase in fund inflows upon an interest rate cut.