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Why Dogecoin Is Skyrocketing Today

TheMotleyFool

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Dogecoin (CRYPTO: DOGE) is surging in Friday's trading following some bullish macroeconomic news. The cryptocurrency's token price was up 9.4% over the past 24 hours of trading as of 12:45 p.m. ET. At the same point in the day, Bitcoin was up 3.4%, and Ethereum had risen 12.2%.

These cryptocurrencies are rising rapidly today thanks to a speech given by Federal Reserve chair Jerome Powell this morning. In the speech, Powell seemed to indicate that the Fed is on track to cut interest rates next month.

Image source: Getty Images.

Source Fool.com

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