The cryptocurrency market has faced a massive price correction. Bitcoin (BTC) has fallen below $80,000. The global crypto market cap has dipped 9.2% in the last 24 hours to $2.72 trillion. Dogecoin (DOGE) follows BTC’s trajectory, facing a massive price dip. DOGE is down 11.8% in the daily charts, 27.5% in the weekly charts, 29.6% in the 14-day charts, and 43.8% over the previous month. Despite the massive losses, DOGE has maintained some gains in the yearly charts. The asset is up by 92.9% since late February 2024.
Also Read: Top 3 Cryptocurrencies That Could Rebound This Weekend
Cryptocurrency Face The Brunt Of Tariffs
The latest market dip comes after the US announced a 25% tariff on the European Union (EU). Earlier this week, the US said that it would go ahead with its tariffs against Canada and Mexico. The development seems to have rubbed investors the wrong way. Dogecoin (DOGE), and other risky assets, have taken significant losses.
Also Read: IRFC Dips To Rs 116: Best Time To Buy the Dip?
The Bybit hack of last week seems to have further pulled the market. DOGE and other cryptocurrencies continue to suffer due to the dip in investor sentiment. Hedge funds have also redirected investments away from cryptocurrencies and crypto-based ETFs.
Grok Predicts When Dogecoin Will Hit $0.90
According to Elon Musk’s Grok AI, predicting the exact moment when DOGE will hit $0.90 is difficult. The AI chatbot uses several sources to make a few speculative forecasts. After analyzing a few predictions from other platforms, Grok implies that hitting $0.90 is plausible within 2025 under favorable conditions.
Also Read: Bitcoin Crash: How Low Can BTC Fall In The Current Market Scenario?
There is also a possibility that Dogecoin (DOGE) will not hit the $0.90 target this year. The asset has struggled to gain momentum over the last few months. Macroeconomic factors may present considerable hurdles as well.
Credit: Source link
