Bitcoin Dogs has recorded a significant drop in its price since hitting the public shelves about ten days ago. As at the time of writing, the meme coin was trading at $0.02008 having dropped by over 70% since going live. What’s going on with 0DOGS? Is it still a viable investment opportunity?
0DOGS price decline
it is common for meme coins to catch a cold when the major cryptos sneezes, which is one of the key reasons behind Bitcoin Dogs price decline. A week ago, Bitcoin – the leading cryptocurrency by means of marketcap – momentarily hit the once steady support level of $65,000 before falling past $60,000.
For the second day in a row, it has failed to gather enough bullish momentum to retest that crucial psychological zone; trading at $58,832.68 as at 9:20 AM UTC. Similarly, Ethereum and Solana have been down by 9% and 15% respectively over the past one week.
On a broader scale, fear has largely defined the market sentiment in recent sessions. More specifically, the crypto fear & greed index was at a fear level of 29 in Saturday’s session. The nerves are founded on concerns that several governments may sell their crypto holdings.
In recent months, Germany has sold Bitcoin worth hundreds of millions. Since June, it has sold Bitcoin worth over $370 million, a move that has exerted immense pressure on the crypto. Investors are now worried that the likes of Ukraine, the US, the UK, and China may also start to dispose their crypto stockpiles.
0DOGS Remains a Viable Investment Opportunity
Even with the current challenges cutting across Bitcoin Dogs and the broader crypto market, the environment remains conducive for the current and potential 0DOGS investors. To start with, it is common for meme coins to drop after the end of a presale. This is as the buyers liquidate their tokens and benefit from the ICO. However, as the crypto market stabilizes and investors’ trust in the meme coin strengthens, its price is expected to rally to and past WalletInvestor’s forecast of $0.0057 in 2025.
Besides, FED’s expected interest rate cuts as from September are set to boost riskier investments like cryptocurrencies. In his much-awaited speech during the annual Jackson Hole Conference held about a week ago, the Fed Chair, Jerome Powell indicated that “the time has come for policy to adjust”.
Granted, he did not provide precise details on the extent and timing of these adjustments. He chose a more subtle tone on the matter stating that “the direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks”.
Similarly, the Bank of England (BoE) is expected to cut rates once more this year in November while ECB is forecast to make a rate cut in September after making a similar decision in its June meeting. With the subsequent boost in investor optimism, coupled with the heightened interest in meme coins, 0DOGS bears an dismissible investment opportunity. You can learn more about Bitcoin Dogs here.
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