Dogecoin (DOGE) fell 12.4% in the past 24 hours as a broader market decline continues, triggered by the Federal Reserve’s latest economic outlook.

The meme coin has dropped to $0.31, while trading volume surged 67% to $10.25 billion as holders repositioned their bags. It’s now down 35% from its 2024 high of $0.47.

Despite the pullback, Dogecoin’s market capitalization remains at $46.6 billion, maintaining its position as the seventh-largest crypto.

Powell’s hawkish comments about higher-than-expected inflation and unemployment projections for 2025 sent shockwaves through risk assets on Wednesday, with crypto bearing the brunt of the immediate market reaction.

The Fed’s forecast, which hinted at higher interest rates for longer—spooking market participants—impacted speculative assets, including meme coins, which typically show heightened sensitivity to macroeconomic signals.

Dogecoin’s price decline coincided with significant outflows, particularly on Binance, where over $83 million exited the market while trading volume spiked 74% to $1.85 billion, data from CoinGlass aggregated across major exchanges Go to Source to See Full Article
Author: Vince Dioquino