Dogecoin (CRYPTO: DOGE) is heading lower again in Tuesday's trading. The cryptocurrency's token price was down 4% as of 5:30 p.m. ET. At the same point in time, Bitcoin (CRYPTO: BTC) was down 2.6% over the last day, and Ethereum (CRYPTO: ETH) had fallen 6.1%.

The potential for negative macroeconomic impacts from the tariffs prompted investors to reduce their holdings in stocks and cryptocurrencies. Dogecoin's token price is now down roughly 52% across this year's trading.

Is Dogecoin a buy right now?

Dogecoin has seen a massive valuation pullback in a relatively short period of time, but it remains a very high-risk investment. As a meme coin, Dogecoin is already predisposed to seeing big pricing swings on little or no real news. With the macroeconomic outlook now in flux, the cryptocurrency could continue to see dramatic sell-offs even though its token price has already been reduced by more than half this year.

While it's possible that big sell-offs will open the door for investors who buy Dogecoin at today's prices to see big returns, I would hold off on buying the token until there's more visibility on the tariff front. As a highly speculative investment without much in the way of fundamentals, Dogecoin's valuation could continue to plummet if macroeconomic and geopolitical conditions take turns for the worse. In general, I think that investors will be best served by focusing on quality investments with sound fundamentals until some of the current macrouncertainty lifts.