In the past 24 hours, the cryptocurrency market has experienced significant corrections. Today, most major assets are in the decline zone. The global cryptocurrency market value has dropped by 3.9% in the past 24 hours to $3.47 trillion. The recent volatility has heavily impacted many investors. Dogecoin (DOGE) followed the market trend, showing substantial declines on the daily, weekly, and 14-day charts. The original meme coin has dropped 7.9% on the daily chart, 16.8% on the weekly chart, and 7.4% on the 14-day chart. Dogecoin has maintained certain gains on the monthly and yearly charts, increasing by 18.4% and 26.8%, respectively.
Are macroeconomic factors causing the cryptocurrency decline?
The recent market decline occurred after a U.S. court blocked President Trump's tariff plan. Investors may expect some volatility in the market following the court ruling. The confidence of market participants may be affected.
In the past 24 hours, Dogecoin (DOGE) and other assets have experienced significant liquidations. According to CoinGlass data, the total liquidation in the cryptocurrency market over the past day reached $656.84 million.
Should you buy Dogecoin?
If the cryptocurrency market regains momentum, Dogecoin (DOGE) may see a rebound in the coming days. Dogecoin may also launch an ETF later this year. A Dogecoin ETF could significantly drive up its price. For new investors, the low price could be an excellent entry point. The price drop also provides holders an opportunity to reduce their average cost.
The U.S. Securities and Exchange Commission (SEC) recently withdrew its lawsuit against Binance. This move may boost investor confidence and help the cryptocurrency market regain lost momentum.
CoinCodex analysts currently expect that Dogecoin (DOGE) will not see a significant rise. The platform predicts that the asset will climb to $0.265 by June 26. If Dogecoin reaches the $0.265 mark, its increase will be 27.4%.
