As Dogecoin Heads For the Moon, the Token's Price Sinks
Today's price action for popular meme token Dogecoin (CRYPTO: DOGE) certainly left much to be desired. At today's low, DOGE dropped more than 5%, before recovering this afternoon.
This move may be unsurprising for investors taking a broader view of the cryptocurrency market today. Most major cryptocurrencies were down, continuing yesterday's sell-off stoked by inflation fears. CPI data released yesterday showed much higher-than-expected inflation, leading to expectations a rate hike could come sooner than later. For those invested in risk assets of all stripes, this led to valuation fears, which then bled through to crypto assets.
Dogecoin's decline in recent months has pushed this token to 10th place in the cryptocurrency rankings, ranked by market capitalization. Indeed, it appears even Elon Musk's best efforts to send DOGE to the moon haven't been enough.
Source Fool.com
