Dogecoin Is Doing the Same Pricing Trend as Other Major Crypto Tokens

Dogecoin is experiencing the same pricing trend as many of its counterparts as the halving for Bitcoin approaches.

Timothy St. John•Thursday, April 18, 2024•2 min read

Dogecoin and Shiba Inu coin don't look too bearish now

As Bitcoin halving is now just a day away, the cryptocurrency market is going through a disturbing and unexpected trend.

While many investors expected the market to go through a period of incredible growth, that is not what is happening. Bitcoin (BTC) usually goes bullish heading into its halving, and that is what analysts expected this time as well. Dogecoin (DOGE) is dropping quickly, having lost nearly 23% of its value over the last week.

It is not just Dogecoin that is going bearish, though, as we get closer to Bitcoin’s halving. Bitcoin is down as well, and it has lost nearly 10% in the last week. Bitcoin has been hanging out near its support level and has fallen considerably from its recent all-time high record. Even though many analysts expected the coin to hit $80,000 or higher by this point in the year, that has not happened.

Ethereum (ETH) is on the decline as well, dropping about 13% over the last week despite a mostly strong showing this year. ETH’s price has been in sharp decline since early this month and does not look to be turning around and going bullish just because the halving is about to happen.

Why Dogecoin and Other Cryptos Are Declining

The main culprit for a bearish market is inflation. The US inflation rate is up to 3.5% for the past 12 months. That means it has increased by that percentage from this time last year.

Early on in 2024, economic experts expected that inflation would decrease, but that has not happened. Instead, the inflation rate has steadily increased month after month.

When the cryptocurrency market should be robust and gearing up for an exciting halving event, the opposite is true. Because of the high inflation rate, we expect Bitcoin’s halving to do very little positive for the wider market, but it may surprise us after the halving happens.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.