Why Dogecoin Is Sinking Today
Dogecoin (CRYPTO: DOGE) is seeing a valuation pullback in Wednesday's trading. The cryptocurrency's token price was down 6.3% over the previous 24 hours as of 1:50 p.m. ET.
Dogecoin posted gains Tuesday thanks to its token logo being included on the website for the waste-cutting initiative Donald Trump calls the Department of Government Efficiency (DOGE), but it's losing ground today amid catalysts that are causing investors to become more cautious about some meme coins. In addition to facing some high-profile new competitors in the meme coin space, some investors appear to be having concerns about what meme trades mean for the broader crypto market.
Dogecoin is giving up the gains it saw in yesterday's trading. The cryptocurrency had seen its token price rise thanks to its logo being featured on the website for the Department of Government Efficiency -- an advisory commission under the new Trump administration that is being led by CEO Elon Musk. But confidence in the meme coin trade appears to be wavering today.
Source Fool.com
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