Why Dogecoin Is Sinking This Week
Dogecoin (CRYPTO: DOGE) is seeing a big pullback in this week's trading. The popular meme coin was down 20.6% over the last seven days of trading as of 4 p.m. ET Friday, according to data from S&P Global Market Intelligence.
The Dogecoin token is facing significant selling pressures this week in conjunction with the Federal Reserve's comments on the interest rate outlook for next year. Investors may be getting fewer interest rate cuts than previously anticipated, and the shift in outlook has prompted a wave of selling across the cryptocurrency market.
The Federal Reserve held its latest meeting on Wednesday and delivered the 25-basis-point cut for the benchmark interest rate that investors had anticipated. Unfortunately, comments from Fed Chair Jerome Powell arrived with some unwelcome news that triggered a surge in selling pressures for both stocks and cryptocurrencies.
Source Fool.com
