Why Did Dogecoin (DOGE) Sink Today?
Dogecoin (CRYPTO: DOGE) is falling today, down 4.7% in the last 24 hours as of 5:41 p.m. The move comes as the S 500 ticked up 0.4%, and the Nasdaq Composite gained 0.9%.
Dogecoin is retreating after last week's run. Economic data released Thursday made imminent rate cuts more likely, boosting Dogecoin and other cryptos. However, significant token releases in the next week are tempering investor enthusiasm.
The Federal Reserve will make a decision later this week on whether or not to cut interest rates. The market is now fairly certain that rates will be cut following the release of last Thursday's Consumer Price Index (CPI) report and weekly jobless claim data. While inflation remains high, the job market looks to be of more concern.
Source Fool.com
