The cryptocurrency market has faced a significant correction in the last 24 hours. Bitcoin (BTC) has fallen to the mid-$96,000 level. On the other hand, the global crypto market cap has dipped 6.6% to $3.61 trillion. Dogecoin (DOGE) and other assets are following BTC’s downward trajectory.
Dogecoin Facing Major Correction
DOGE’s price has fallen 9.8% in the daily charts and 3.9% in the weekly charts. The memecoin is still up by 0.3% in the 14-day charts and nearly 80% over the previous month. DOGE’s price has also risen by 303.6% since December 2023.
Why Is The Crypto Market Falling?
The latest dip could be due to investors booking profits after the previous rally. Many altcoins hit new all-time highs over the last few weeks. Solana (SOL), BNB, TRON (TRX), and Pepe (PEPE) have hit new peaks within a very short time of each other.
Another factor that led to DOGE and other assets dipping is Google’s new Willow quantum computing chip. The chip solved a standard computation in under five minutes, which would have taken longer than the universe’s age. The development has led to speculation that the chip can break Bitcoin (BTC) and Dogecoin’s (DOGE) cryptography.
DOGE Predicted To Hit $3
According to prominent cryptocurrency analyst Ali Martinez, we are very early in DOGE’s bull cycle. The analyst anticipates DOGE hitting $3, which would entail a rally of about 650% from current price levels.
Ali further says that if “things go wild,” DOGE could hit the $18 mark. Reaching $18 from current price levels will translate to a rally of about 4400%.
It is uncertain when DOGE will begin its rally. The Trump administration has green-lit Elon Musk’s request to establish a Department Of Government Efficiency (D.O.G.E.). The development could lead to a significant price spike for the memecoin.
