On Tuesday, the current trading price of Dogecoin is about $0.12, and the day’s trading remains in a state of loss. Despite Tesla CEO Elon Musk discussing the meme coin on Twitter, Dogecoin has seen almost no price surge this year. In 2021, the meme coin saw a remarkable rebound, breaking the $0.01 mark and rising to $0.73. After hitting a historic high in May 2021, Dogecoin has been on a downward trend and has not regained its former glory. Even in July 2024, the price of Dogecoin has hardly risen, testing investors’ patience.
Now Dogecoin is at a disadvantage. Can this dog-themed token shake off its burden and return to the rankings in July 2024? In this article, we will focus on whether it is advisable to buy DOGE in July 2024.
Prediction: Dogecoin may further decline in July 2024
Leading on-chain indicators and price prediction company CoinCodex have painted a pessimistic outlook for Dogecoin in July 2024. According to price predictions, Dogecoin may experience a decline this month, leading to further losses for investors. The forecast estimates that by the end of the month, Dogecoin may fall to $0.10.
From the current price of $0.12, this represents a drop of nearly 14%. Therefore, based on the price estimate, a $1,000 investment could turn into $860. Investing in Dogecoin in July 2024 may lead to significant losses. Therefore, caution is advised, and investing in leading meme coins is not recommended.
After the Bitcoin halving event, Dogecoin briefly broke the $0.21 mark. However, following the halving event, Dogecoin has seen a decline, with a nearly 50% decrease in the past three months. The outlook for Dogecoin this year is not promising and it may continue to remain in a weak position for a considerable time.
