Dogecoin (DOGE), the original meme coin, is up 18.6% this week. However, it’s down 6.2% today, 23.2% over two weeks, and 5.3% this month. Let’s check out this DOGE price prediction now!
Also Read: Dogecoin: Can $1000 Worth of DOGE Become $1 Million by 2030?
Factors Influencing DOGE’s Price
Why The Latest Dip?
DOGE’s latest drawdown follows the larger bearish market sentiment. Investors may be worried about an escalation in conflicts in the Middle East. Traders are also likely on edge about the Federal Reserve’s ambivalence about an interest rate cut in September.
Also Read: Crypto Events: Stay Ahead by Watching Key Events This Week
Can DOGE reclaim $0.14?
According to CoinCodex’s price prediction, Dogecoin (DOGE) will continue to trade at the $0.10 level until Aug. 19, 2024. The platform anticipates DOGE facing another correction later this month, falling to $0.09 on Aug. 20, 2024.
Changelly analysts also present a similar price prediction for DOGE over the next few days. The platform anticipates the meme coin continuing to trade at $0.10 until Aug. 20, 2024, before dipping to $0.09 on Aug. 21, 2024.
If market sentiment improves and the Federal Reserve decides to cut interest rates, we may experience a surge in inflows into the cryptocurrency market. In such a scenario, Dogecoin could experience a rebound from its current price.
Will Dogecoin be accepted on X?
There is much talk about DOGE making its way to X’s upcoming payment feature. X owner Elon Musk is an avid DOGE fan and has supported the meme coin numerous times.
Also Read: Dogecoin Forecasted To Hit $2, Here’s When
If X starts accepting DOGE payments, it could boost the coin’s use and value. But right now, this is just a rumor.