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On Tuesday, the current trading price of Dogecoin is around $0.12, and trading remains at a loss for the day. Despite Tesla CEO Elon Musk talking about this meme coin on Twitter, Dogecoin has seen almost no price surge this year. In 2021, this meme coin saw a remarkable rebound, surpassing the 1-cent mark and rising all the way to $0.73. After reaching a historic high in May 2021, Dogecoin has been on a downward trend, never returning to its former glory. Even in July 2024, the price of Dogecoin has hardly risen, putting investors’ patience to the test.
Dogecoin is currently at a disadvantage. Can this dog-themed token shake off its burdens and return to the rankings in July 2024? This article will focus on whether buying DOGE in July 2024 is advisable.
Prediction: Dogecoin may further decline in July 2024
Leading on-chain metrics and price prediction company CoinCodex has painted a bleak outlook for Dogecoin in July 2024. According to price predictions, Dogecoin may see a decline this month, resulting in further losses for investors. The forecast estimates that by the end of this month, Dogecoin could fall to $0.10.
Looking at the current price of $0.12, this represents a nearly 14% decline. Therefore, based on price estimates, a $1,000 investment could turn into $860. Investing in Dogecoin in July 2024 could lead to significant losses. Hence, it is advised to exercise caution and refrain from investing in leading meme coins.
This year, following the Bitcoin halving event, Dogecoin briefly exceeded the $0.21 mark. However, post-halving, Dogecoin experienced a decline with a reduction in gains of nearly 50% over the past three months. Expectations for Dogecoin this year are not high, and it may continue to remain weak for a considerable period.
