Dogecoin was among the many meme coins that were predicted to have a significant surge following the Bitcoin halving. However, that explosion is yet to come in the early days after the event. Dogecoin trading volume is down nearly 15% in the past 24 hours. In terms of price, the coin has only managed a 4% increase over the past week.
With DOGE failing to make any immediate parabolic move, some owners are worried that they bought the dip and are not going to see any post-halving profits. Will the asset eventually rally, or was the Bitcoin halving a sell-the-news event for investors?
Will Dogecoin Still Surge After Bitcoin Halving
Dogecoin is trading at just over $0.16 at the time of writing. Speculation was rife that the price was going to make a monster move, as altcoins and meme coins, including DOGE, were predicted to pump. However, that move has seemingly been delayed. Some of the expectations included a run to $1 for DOGE, with some even calling for a surge to $2. The coin remains grounded but has, thankfully, not dumped.
If trading volume starts to pick up again, this could be a sign that a breakout is imminent for the dog-themed cryptocurrency. The entire market revolves around hype, narratives, and the price of Bitcoin. BTC is still hovering just above $66,000 and has also failed to make much of a move since the halving.
However, looking back to January and March, when BTC went on a tear, the rest of the market followed. DOGE holders who want to see their stack moon may need to keep an eye on Bitcoin to see if a similar chain reaction can occur.
Dogecoin is unlikely to hit $1 by the end of the month. However, the community remains bullish on the prospect of further growth, it just may not happen on a specific timeline.
