Dogecoin’s (DOGE) price has faced a substantial fall over the last 24 hours. According to CoinGecko data, DOGE has experienced a 9.6% price correction in the daily charts. DOGE’s dip comes amid a market-wide downtrend. Although DOGE has faced a steep decline in the last 24 hours, the memecoin is still up by 12.7% in the weekly charts, 20.8% in the 14-day charts, 13.4% over the previous month, and 150% since September 2024.
What’s Behind Dogecoin’s Latest Price Fall?
Dogecoin (DOGE) is most likely following the market-wide correction trend. Bitcoin (BTC) has fallen to the $114,000 price level after climbing to $116,000. Other major crypto assets are also trading in the red zone today.
Dogecoin and the crypto market’s dip are most likely due to investors taking caution before the Federal Reserve’s two-day meeting from Sept. 16-17. The meeting will decide the US monetary policy for the coming time. Although there is a high chance of an interest rate cut, increasing inflation figures may present challenges.
While other assets have also faced corrections, Dogecoin (DOGE) is experiencing a steeper price dip than others. The larger correction could be due to DOGE having experienced a healthy rally over the last few days, and investors may be booking their profits right now.
Additionally, Dogecoin (DOGE) usually experiences more volatility since it is a memecoin. Other memecoins are also facing steep price corrections. Shiba Inu (SHIB) is down 6.7% in the daily charts, Pepe (PEPE) is down 7.7%, Bonk (BONK) is down 9.7%, and others are also following the same pattern.
Also Read: Dogecoin Next Price Target Is $0.45, Analyst Predicts
Dogecoin (DOGE) and the larger crypto market will most likely recover their prices over the coming days. DOGE could breach the $0.30 level if the Federal Reserve cuts interest rates after its meeting. How things unfold is yet to be seen.
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