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Dogecoin’s 66% Pullback Not Out Of The Ordinary, Here’s What Happened
Dogecoin (DOGE) has recently experienced a significant pullback of 66%, wiping out nearly two-thirds of its value in just a few days. While this downturn may seem alarming to some, history suggests that such corrections are not uncommon for the meme-based cryptocurrency.
As a matter of fact, Dogecoin has faced similar-sized corrections in the past. In 2019, DOGE dropped by an astonishing 67% in response to an unconfirmed hack that sent shockwaves throughout the crypto community. Despite this setback, the coin went on to recover and continue its upward trajectory.
Another instance where Dogecoin exhibited a similar downturn was during the 2021 market crash caused by the TerraUSD (UST) debacle. In just three days, DOGE plummeted by an eye-watering 63%, only to bounce back and reclaim lost ground.
These historical precedents demonstrate that Dogecoin is capable of withstanding and recovering from severe price corrections. As a result, it’s essential for investors to maintain a long-term perspective and not get caught up in short-term market volatility.
It is also worth noting that any potential price pump could be accelerated by renewed interest from investors seeking a low-cost entry point into the crypto market.
