Dogecoin has recently experienced its first significant pullback, with a value drop of over 21%, currently trading at $0.38. Since Trump's election, Dogecoin had seen a strong market rise, with its market cap peaking significantly. However, it has faced substantial losses in the last two days, with an overall market cap decrease of over $16 billion. Despite the market pullback, some investors remain optimistic about buying opportunities on dips, expecting it to rebound to $0.46 in the next market rally. Dogecoin remains one of the most anticipated meme coins for 2025.
Dogecoin has experienced its first significant pullback since its rise, with a value drop of over 21%.
After Trump's election, the price of memecoins soared, but recently fell to $0.38.
Investors see the potential for buying on the dip, expecting a rebound.
Dogecoin is the largest meme coin in the world and is experiencing its first significant pullback since its incredible rebound. On November 5, DOGE surged significantly due to Donald Trump's victory over Kamala Harris in the U.S. presidential election.
At that time, this strong bullish momentum pushed the memecoin to its highest price in over three years. From November 8 to December 8, the currency's value increased by over 150%, rising from $0.19 to nearly $0.50.
However, with the recent market pullback, Dogecoin has suffered significant losses. In the past two days, the currency has depreciated by over 21%, currently trading at $0.38.
While a loss of $0.40 in profits can be seen as a serious blow, the market cap of Memecoin has lost over $16 billion, with half of that loss occurring today, December 10. Throughout the week, the Relative Strength Index (RSI) indicated that Doge reached extreme 'overbought' levels, suggesting that a price pullback may be imminent.
In fact, the entire cryptocurrency market experienced a pullback in the second week of December. Assets like Solana, XRP, and BNB saw their values drop by over 8% this week, while Bitcoin struggled to maintain profits of $96,000, with a weekly increase of only 0.6%.
Meanwhile, some investors believe that an opportunity to buy Dogecoin on the dip is brewing, aiming for a rebound to this year's peak of $0.46 during the next market rally. As of now, the RSI no longer shows any significant 'overbought' trend.
Further, the fact is that Dogecoin is one of the most anticipated meme coins for 2025. This dog-inspired cryptocurrency inadvertently ties into Donald Trump's presidency, a reward given by Trump and Dogecoin's main supporter: Elon Musk.
Elon Musk is expected to have a significant influence on the next government, even participating by leading the Government Efficiency Department (DOGE).
