The price of the meme-inspired cryptocurrency Dogecoin is down nearly 7% in the past 24 hours and is now trading at $0.31 per DOGE, down from around $0.40 a week ago amid a broader downturn in the cryptocurrency market.
DOGE has lost about 24% of its value over the past week and is trailing most other leading digital currencies, which began falling after Federal Reserve Chairman Jerome Powell suggested there would be fewer interest rate cuts next year, according to CryptoCompare data.
The Fed chairman’s comments led to a massive decline in the cryptocurrency market, causing its total market capitalization to fall by about $600 billion before recovering. The comments dampened investor sentiment and also weighed on traditional financial markets.
The benchmark S&P 500 stock market index lost about 3.2% of its value before recovering, while the Nasdaq suffered a similar decline. The market sell-off sent the Dow Jones Industrial Average extending its decline after nine straight losing sessions, its longest streak of daily losses since 1974.
Notably, over the past few weeks, analysts have been calling for DOGE prices to rise, with a popular analyst who gained a large following on social media after accurately calling the 2018 Bitcoin bear market bottom above $3,000, recently saying he believes meme price. the inspired token may see a “sharp move upward.”
Featured image via Unsplash.
