Dogecoin, Pepe, Bonk Plunge 10%+: Time to Buy the Dip or Brace for More Pain?

Meme coins get mauled as Dogecoin, Pepe, and Bonk shed double digits in brutal crypto rout.

Blood in the streets—or just another Tuesday?

With DOGE, PEPE, and BONK all down over 10%, degenerate traders face the eternal question: Load up on 'discounted' shitcoins or wait for the knife to stop falling?

Pro tip: If you're taking financial advice from a dog-themed cryptocurrency, maybe reconsider your life choices.

Should You Buy DOGE, PEPE, BONK During the Dip?

The market correction kicked off earlier this month after a healthy bull run. Bitcoin (BTC), XRP, and BNB climbed to new all-time highs in July. The dip came after increased profit-taking from investors.

Memecoins are subject to heavy speculation. DOGE, PEPE, and BONK are among the most volatile crypto assets. The substantial price decline could be fueled by the upcoming Federal Reserve interest rate announcement. There is a high chance that the Federal Reserve will not cut interest rates yet again. Many anticipate the Fed to keep interest rates the same for another month. High rates may have led to increased liquidations. The move may also bar retail players from actively participating in the crypto market.

Buying the dip is a solid investment strategy. However, the crypto market is one of the most volatile markets globally. The markets could swing in any direction over the coming days. In the chance that the Federal Reserve cuts interest rates, DOGE and other crypto assets could enter another bullish phase. Keeping rates unchanged may lead to market consolidation. On the other hand, if the Federal Reserve decides to hike interest rates, Dogecoin (DOGE) and the memecoin sector could see prices fall further. Waiting for the Federal Reserve’s stance before investing might be the way to go.