The crypto market has faced a steep correction over the last 24 hours. Most major assets are trading in the red zone today. The global crypto market cap dipped 3.9% in the previous 24 hours to $3.47 trillion. The latest volatility has hit many investors hard. Dogecoin (DOGE) follows the market trend, registering big losses on the daily, weekly, and 14-day charts. The original memecoin is down 7.9% in the daily charts, 16.8% in the weekly charts, and 7.4% on the 14-day charts. DOGE has maintained some gains in the monthly and yearly time frames, rallying 18.4% and 26.8%, respectively.
Macroeconomic Factors Bringing Cryptocurrencies Down?
The latest market dip comes after a US court blocked President Trump’s proposed tariffs. Investors may be anticipating some market volatility following the court’s decision. Market participants’ confidence may have taken a hit.
DOGE and other assets have seen substantial liquidations in the last 24 hours. According to CoinGlass data, the crypto market saw $656.84 million in liquidations over the last day.
Should You Buy The Dogecoin Dip?
Dogecoin (DOGE) could see a rally over the coming days if the crypto market regains momentum. DOGE may also get an ETF sometime later this year. A DOGE ETF could lead to a substantial price spike for the memecoin. The low prices could be an excellent entry point for new investors. The dip also presents an opportunity for holders to bring their average cost down.
Also Read: Elon Musk’s Favorite Crypto: Why Dogecoin Could Surge in 2025
The SEC recently dropped its lawsuit against Binance. The move could lead to a boost in investor confidence. The development could help the crypto market regain its lost steam.
CoinCodex analysts do not anticipate a massive rally for Dogecoin (DOGE) just yet. The platform anticipates the asset to climb to $0.265 on June 26. The memecoin will face a 27.4% rally if it hits the $0.265 mark.
