Dogecoin Price Slips 8%, Here’s Why This Might Be A Good Thing

Dogecoin (DOGE) price has experienced a sharp decline in the cryptocurrency market. The asset, generally known as the first memecoin, has slipped by over 7% in price performance.

According to market data, within 24 hours, DOGE price has dipped by 8.13 % to $0.1443. This figure underscores the massively bearish sentiment in the community.

Dogecoin Price Stability and Increased Trading Volume

Observers of market trends maintain this price slip might be a good omen for Dogecoin price. With a declining price, sell pressure might grow as investors offload the memecoin. If this happens, the price might plummet further.

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However, the silver lining in this scenario is that DOGE’s price will hit a floor faster, positioning it for a rebound. Once DOGE hits a critical support level, the asset could continue its upward trajectory. If, by any chance, bullish sentiments support it, the climb back up from the $0.14 level would be swift, and prices would soar.

Despite the over 8% decline, Dogecoin price has maintained a marginal growth of 1.76% in the last seven days. In the last 30 days, Dogecoin has registered a 32.55% growth trajectory. This suggests the memecoin has been relatively stable and has not crashed below its monthly low of $0.1033.

Additionally, Dogecoin’s market volume has risen by over 15% to $1.85 billion. This signals sustained interest in the coin despite its declining price. It could also suggest that the price slump might not continue for long, as renewed interest should push it back on a bullish path.

Will DOGE Transfer on Robinhood Fuel Price Rebound?

Meanwhile, Dogecoin users can now transfer on the Robinhood Crypto platform. This comes as Robinhood aims to expand its crypto services. As per the Robinhood update, users can deposit and withdraw DOGE and earn a 1% bonus. The offer remains valid until the end of November.

This notable development for Robinhood and Dogecoin comes after the trading platform took significant steps toward regulatory compliance. Robinhood’s crypto division received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) earlier this year.

Known as a platform desired by whales for its commission-free offerings, the regulator flagged some of its services. It claimed the exchange supports securities trading and might have violated Federal laws.

However, Robinhood appears determined to restore users’ confidence in the platform, having aligned some of its services with regulatory standards. Hence, reintroducing Dogecoin transfers on Robinhood, particularly with the bonus incentive, might boost DOGE’s performance. This could cause a spike in DOGE transfers, supporting a rebound in price for the asset.

Analysts Predict Dogecoin’s ATH

As investors continue to monitor Dogecoin price, analysts have predicted the next All-Time High (ATH) to come in 2025. The prediction relies on Dogecoin’s historical precedence. Generally, data shows that DOGE tends to spike the year after a Bitcoin halving as the two assets decouple.

This knowledge might trigger interest among investors with less than two months to the end of 2024. If this happens, it could support DOGE in printing a rebound soon.