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Why Dogecoin Is Plummeting This Week

TheMotleyFool

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Dogecoin (CRYPTO: DOGE) is heading lower in this week's trading. The token price of the meme coin had fallen 14.1% over the past seven days of trading as of 5:30 p.m. ET Saturday. Over the same period, Bitcoin had fallen 5.6%, and Ethereum had fallen 10.8%.

The crypto market is getting hit with a wave of broad-based selling movement this week, and Dogecoin's valuation is contracting as part of the trend. Recent comments from Federal Reserve Chair Jerome Powell regarding valuations in the stock market have helped prompt sell-offs for most crypto tokens across the stretch.

Image source: Getty Images.

Source Fool.com

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