Why Dogecoin, XRP, and Polygon Are Plunging Today

Altcoins were undergoing a major correction Monday with big names like Dogecoin (CRYPTO: DOGE), XRP (CRYPTO: XRP), and Polygon (CRYPTO: MATIC) down 11.07%, 12.58%, and 11.28% on heavy volume in the past 24 hours as of 11:45 a.m. EDT. Those tokens were at that time trading at $0.21, $0.93, and $1.19, respectively, as fear, uncertainty, and doubt once again plagued the sector.

Over the weekend, U.S. regulators said they were investigating Binance, the world's largest cryptocurrency exchange, over allegations that it was exploiting customers via insider trades. Binance facilitated close to $32 billion worth of trades in the last 24 hours.

On Sunday, European Central Bank President Christine Lagarde delivered a further punch with a warning that described altcoins as "highly speculative" and "suspicious."

Source Fool.com