The cryptocurrency market has faced significant selling pressure as Ethereum dropped over 12% in the past week, driven by escalating global trade tensions and dipping below the $1,850 mark. This broader market downturn has also weighed heavily on memecoins, such as Dogecoin, which has extended its 90-day correction to 47%.
Ethereum Falls Amid Trade Tensions
Ethereum's price drop reflects the expanding trade disputes, leading to a decline of more than 12% over the week. The cryptocurrency market overall has been burdened by sales pressure, prompted by global market uncertainty and fluctuations.
Elon Musk's Statement on Dogecoin
Elon Musk's recent statement added to Dogecoin's price decline. During his speech at the America Pack Town Hall in Green Bay, Wisconsin, he clarified that the US government has no plans to use Dogecoin. This statement dispelled any doubts about Dogecoin's future in governmental structures.
Dogecoin: A Buying Opportunity?
Despite Elon Musk’s comment, the current levels might be of interest to investors. Analysts emphasize that Dogecoin's meme status supports its market position more than its functional value. Historical patterns show that major corrections are often followed by significant upward rallies.
The current state of the cryptocurrency market remains volatile; however, historical analysis of Dogecoin's prices may suggest a potential future upswing. It's important that any investment is made with personal diligence and analysis.
