Why Is The Dogecoin Price Down Today?

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As a seasoned crypto investor with several years of experience, I’ve seen my fair share of market corrections and the impact they have on various cryptocurrencies. The recent downtrend in Dogecoin (DOGE), the foremost meme coin, is no exception to this pattern. With a decline of over 6% in the last 24 hours, according to CoinMarketCap data, DOGE’s price has followed Bitcoin’s lead as the flagship crypto dropped from over $66,000 to below $64,000 during the same period.

According to information from CoinMarketCap, Dogecoin (DOGE), commonly known as the leading meme cryptocurrency, has experienced a 6% decrease in value over the past 24 hours. This decline can be linked to the price fluctuations of Bitcoin, the primary crypto asset.

Dogecoin Drops Alongside Bitcoin

I’ve noticed that Dogecoin’s value took a hit recently, just as Bitcoin dipped from around $66,000 to under $64,000 within a day. It’s common for altcoins such as DOGE to mirror this type of downturn when Bitcoin corrects itself. The global crypto market has seen a general decline of approximately 4% due to this event.

I’ve noticed that Bitcoin, along with Dogecoin and other altcoins, has been experiencing a downturn lately. One reason for this could be the upcoming release of the Personal Consumption Expenditures (PCE) inflation data on April 26. While some experts, such as the Cleveland Fed, anticipate that this data will indicate a decrease in inflation, crypto investors remain cautious. They’re concerned because the March Consumer Price Index (CPI) didn’t show any progress toward disinflation, making them apprehensive about the potential impact of the PCE data on the crypto market.

I’ve noticed that crypto investors remain cautious regarding the ongoing tensions in the Middle East between Israel and Iran. Despite recent easing of hostilities, there’s a lingering fear that another flare-up could occur unexpectedly. The effects of such geopolitical conflicts on the crypto market have become all too clear, leading investors to be extra careful and avoid potential losses.

I’ve noticed that the inflows into Spot Bitcoin ETFs have decelerated noticeably this month. The interest in these investment vehicles has waned considerably, leading to lackluster price movements among cryptocurrencies such as Dogecoin. Previously, these ETFs had injected substantial liquidity into the market during their peak periods, making a significant difference in the crypto market dynamics.

It’s worth noting that BlackRock, the world’s biggest asset manager, experienced no new investments in its iShares Bitcoin Trust (IBIT) on April 24, indicating a potential downturn.

DOGE Still Expected To Experience Further Price Declines

According to my observation of CrediBull Crypto’s latest analysis, I notice that the leading meme coin is predicted to undergo additional price drops, despite a potential recovery in the overall crypto market. The expert suggests that as Bitcoin advances towards its projected $100,000 mark, it may absorb the liquidity from meme coins such as Dogecoin and other altcoins.

A cryptocurrency expert warns that the value of Dogecoin could plummet down to $0.5 under certain circumstances, possibly due to insufficient market liquidity preventing any rally. Yet, another analyst, Kevin (previously known as OG Yomi), disagrees based on his monthly analysis, indicating no clear signs pointing towards a drop below $0.5 for Dogecoin.

Why Is The Dogecoin Price Down Today?

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2024-04-25 23:10