The cryptocurrency market has faced a significant correction today. Dogecoin (DOGE) follows the market trend with unpleasant losses. The original memecoin is down 4.9% in the daily charts, 5.8% in the weekly charts, 4.4% in the 14-day charts, and 36.5% over the previous month. Despite the losses, DOGE’s price has rallied 198.2% since February 2024.
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Cryptocurrency Market Surrounded With Uncertainty
The cryptocurrency market faces one hurdle after another. DOGE’s latest dip is likely due to the controversy around Argentine President Javier Milei’s connection to the Libra memecoin launch. President Milei has denied promoting the coin. Local media has dubbed the incident “Libragate.”
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Dogecoin (DOGE) is merely responding to the market correction. Bitcoin (BTC) has fallen to the $95,000 price level. The global crypto market cap, on the other hand, had dipped 3.3% in the last 24 hours to $3.26 trillion.
Macroeconomic factors may present further hurdles to DOGE’s price. The Federal Reserve has yet to announce an interest rate cut this year. A rate cut may revive the markets again.
Elon Musk’s Grok AI Predicts Dogecoin’s Price
According to X’s integrated AI chatbot, Grok, Dogecoin (DOGE) could trade at an average price of $0.26. The chatbot made its prediction using data from different sources.
In an optimistic scenario, DOGE could rise to a high of $4.134 by the end of this month. Reaching $4.134 from current price levels will lead to a rally of about 1553.6%.
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The crypto market faces considerable uncertainties. DOGE’s path also remains unclear. The asset could continue to dip over the coming days.