Dogecoin has experienced a major price correction in recent days. In the last few days, Dogecoin (DOGE) has seen a significant price correction. DOGE is still up 170.9% in price since February 2024, despite its massive drop.
You may also like: Cryptocurrency: 3 Memecoins Predicted To Hit Peaks In March
What is the impact of Bybit Hacking on the Market?
Bybit’s hack is probably to blame for the latest drop in market prices. The hacker stole $1.4 Billion worth of Ethereum related coins. Dogecoins (DOGE) as well as other assets suffered a significant correction because of the drop in investor sentiment.
You may also like: Nvidia Stock: ‘Golden Opportunity’ for Top Investors Ahead of NVDA Earnings Report
DOGE’s value was already falling before the Bybit Hack. The crypto market has been underperforming due to macroeconomic factors. Although the Fed has temporarily paused its interest rate hikes, it is still yet to announce any reduction in rates this year.
Dogecoin to Hit a New All-Time Record High
CoinCodex predicts that DOGE is going to experience a major rally in the next few weeks. Platform predicts that the memecoin will breach $1 for the first time. It would mark a new high-watermark for the memecoin. CoinCodex believes DOGE’s price will be $1.11 by March. 20. If it reaches the $1.11 goal, DOGE’s price will rise by around 404.5%. Platform does not anticipate DOGE to remain above $1. CoinCodex says DOGE is likely to face a price correction once it breaks $1.
Changelly has a similar forecast for Dogecoin. Changelly expects DOGE’s price to be $1.11 by March, just like CoinCodex. 20. Changelly expects DOGE will also face a correction once it crosses the $1 threshold.
You may also like: AI Predicts Ripple (XRP) Price For March 1st 2025
Also, it is also possible that DOGE may not surpass the $1 threshold in March. Crypto market has yet to fully recover from recent correction. There are also macroeconomic issues that may cause problems.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
