Bitcoin (BTC) has once again broken its own record, hitting a new all-time high of $106,352. This represents a significant 15% surge over the past month. As the original cryptocurrency continues its upward trajectory, other cryptocurrencies, such as Dogecoin (DOGE), may also experience renewed momentum.
Dogecoin’s Recent Performance
DOGE gained significant traction following a specific political event in the United States. It has since seen a 1.6% daily increase, a 7.9% monthly rise, and a staggering 332% overall gain since December 2023. However, the memecoin has faced a 10.5% weekly decline and a 7.6% two-week drop.
Factors Influencing Dogecoin’s Correction
Several factors may have contributed to Dogecoin’s recent price correction. Rising inflation rates in the US, reaching 2.7%, could make investors cautious about investing in riskier assets. Additionally, the broader cryptocurrency market has been relatively stagnant lately, with a previous rally fueled by specific political events. As the market awaits the next move from the Federal Reserve, uncertainty may persist.
Potential for a Dogecoin Rally
If the Federal Reserve adopts a dovish stance in its upcoming meeting, it could spark another rally in the cryptocurrency market, including Dogecoin.
Price Predictions for Dogecoin
Cryptocurrency prediction platforms offer varying outlooks for Dogecoin. CoinCodex suggests a period of consolidation for DOGE over the next few months, with a potential surge towards $0.90 by March 2025. This would require a 125% increase from current levels.
Changelly, on the other hand, presents a more conservative forecast. The platform predicts a maximum price of $0.351 for DOGE in March 2025, indicating a potential 13.33% decline.
As Bitcoin continues to break records, it will be interesting to observe whether Dogecoin can capitalize on this momentum and achieve its own price milestones. Investors should closely monitor market developments and consider seeking expert advice before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin (DOGE) to $24? This Analysts Predict Explosive 5,823% Surge Backed by Whale Activity
About The Author
