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Why Dogecoin Is Plummeting Today

TheMotleyFool

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The price of Dogecoin (CRYPTO: DOGE) is sinking in Sunday's trading. The cryptocurrency was down 5.7% over the previous 24-hour period as of 11:45 a.m. ET.

With Bitcoin and Ethereum roughly flat over the previous day of trading and the broader cryptocurrency market looking uncharacteristically stable, Dogecoin's sell-off likely stems from investors taking profits after recent gains. The token began climbing early in the week and posted even bigger gains after Tesla CEO Elon Musk announced that his electric-vehicle company would accept DOGE as payment for its merchandise. Now, the popular meme cryptocurrency seems to be taking a breather.

Image source: Getty Images.

Source Fool.com

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