Dogecoin (DOGE) has recently experienced significant price fluctuations. On the daily chart, DOGE has declined by 6.1%; the weekly chart shows a decrease of 12.4%; the 14-day chart records an 8.1% drop; while over the past month, the price of DOGE has fallen by 34%. Despite this, since February 2024, the price of DOGE has achieved an impressive increase of 170.9%.
Bybit Hack: A Catalyst for Market Decline?
The recent overall market downturn has been partly attributed to a hacking incident at the Bybit exchange. This event resulted in the theft of Ethereum-related tokens worth $1.4 billion, severely undermining investor confidence and triggering a pullback in Dogecoin and other assets. It is noteworthy that prior to the Bybit hack, the price of DOGE was already on a downward trend, and macroeconomic factors such as the Federal Reserve pausing interest rate hikes but not yet cutting rates have also played a significant role in influencing the performance of the cryptocurrency market.
Future Outlook for DOGE: Can It Break Through the $1 Threshold?
According to analysis from CoinCodex, DOGE is expected to rebound in the coming weeks and potentially break through the historic $1 mark for the first time. The platform predicts that the price of DOGE may reach $1.11 by March 20, and if this prediction holds true, it would represent an approximate increase of 404.5% for DOGE. However, CoinCodex also points out that DOGE may face a pullback after surpassing the $1 mark.
Predictions from the Changelly platform align with CoinCodex, also forecasting that DOGE will reach $1.11 by March 20, followed by a subsequent pullback. However, it is important to note that some analysts believe that, given the cryptocurrency market has not fully recovered from recent adjustments and that macroeconomic factors may pose obstacles, a breakthrough of the $1 threshold by DOGE in March is not a certainty.
