Why not buy Dogecoin in July?

Currently, Dogecoin is trading at around $0.12 and is trading in the red today. Despite Tesla CEO Elon Musk mentioning the meme coin on Twitter, Dogecoin has barely seen a significant rise in price this year. In 2021, Dogecoin experienced a stunning rally, breaking out from 1 cent to a high of $0.73. However, since hitting an all-time high in May 2021, Dogecoin prices have been falling and have failed to regain their former glory. Even in July 2024, Dogecoin's price has barely seen an increase, and this trend is testing investors' patience.

With Dogecoin currently on the back foot, can this dog-themed coin shake off its troubles and return to the list in July 2024? This article will explore whether DOGE should be bought in July 2024.

According to analysis by CoinCodex, a leading on-chain indicator and price prediction company, the outlook for Dogecoin in July 2024 looks pessimistic. Price predictions show that Dogecoin may fall further this month, causing more losses for investors. The forecast estimates that Dogecoin may fall to $0.10 by the end of the month.

At the current price of $0.12, this would be a drop of nearly 14%. Therefore, according to this price forecast, a $1,000 investment could shrink to $860. Therefore, entering the Dogecoin market in July 2024 may result in a large loss of funds. Investors are advised to be cautious and avoid investing in this leading meme coin.

After the Bitcoin halving event, Dogecoin once broke through the $0.21 mark. However, after the halving event, the price of Dogecoin fell, and the increase in the past three months shrank by nearly 50%. The performance of Dogecoin this year is not expected to be high, and it may continue to be in a weak state.

Finally, if you are a pure novice, and you want to rush into the currency circle when you see BTC hit a record high before, then I suggest you pay attention to me first, learn the knowledge of the currency circle with me, and make up for your basic skills. Laying a good foundation can go further.

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