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Why Dogecoin Is Plummeting Today

TheMotleyFool

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Why Dogecoin Is Plummeting Today: https://g.foolcdn.com/editorial/images/829491/gettyimages-1130882367.jpg

Dogecoin (CRYPTO: DOGE) is getting hit with bearish pressures Thursday. The meme coin's token price was down 8.4% over the previous 24 hours of trading as of 4 p.m. ET. Over the same period, Bitcoin was down 3.8%, and Ethereum was down 4%.

Dogecoin's valuation is slipping today after the Bureau of Labor Statistics published its Producer Price Index (PPI) report for July. The report showed PPI inflation came in at 3.7% last month -- up 0.9% from June's level. July's PPI inflation came in far higher than the broadly forecasted 3% level for the period, and the cryptocurrency market is seeing sell-offs in response.

Image source: Getty Images.

Source Fool.com

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