Don’t Buy Dogecoin in July 2024: Here’s Why

Dogecoin is currently trading around $0.12 on Tuesday and remains in the red in the day’s trade. DOGE barely experienced a price spurt this year despite Tesla CEO Elon Musk tweeting and talking about the meme coin. The meme currency rallied phenomenally in 2021 where it breached the 1-Cent mark and went all the up to $0.73. After hitting an all-time high in May 2021, DOGE dipped relentlessly never to reclaim its previous glory. Even this month in July 2024, Dogecoin saw little to no price spurts and the development is testing the patience of investors.

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Now that Dogecoin is on the back foot, can the dog-themed coin shed its baggage and rally in the charts in July 2024? In this article, we will highlight should buy DOGE this month in July 2024 or not.

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Dogecoin Could Deliver Further Losses in July 2024: Prediction

Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Dogecoin in July 2024. According to the price prediction, DOGE could experience a downturn this month causing further losses to investors. The forecast estimates that Dogecoin could dip to $0.10 by the end of the month.

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That’s a downturn of nearly 14% from its current price of $0.12. Therefore, an investment of $1,000 could turn into $860, according to the price estimates. Taking an entry position into Dogecoin in July 2024 could burn a hole in the wallets. Therefore, it is advised to remain cautious and stay away from investing in the leading meme coin.

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Dogecoin briefly climbed above the $0.21 mark this year on the heels of the Bitcoin halving event. After the event, DOGE slipped and shed nearly 50% of its gains in the last three months. Not much is expected from DOGE this year and could remain on the back foot for a longer time.