Breaking News! Dogecoin Price Plummets, Trading Volume Surges by 67%! The Power of the Federal Reserve is Revealed!
As soon as the Federal Reserve's recent economic outlook was released, the market immediately became unhinged. Dogecoin dropped 12.4% in just 24 hours, with the price falling directly to $0.31, while trading volume surged by 67%, reaching $10.25 billion. Considering it was at its highest this year, it has now dropped by 35%. Fortunately, the market cap remains stable at $46.6 billion, ranking seventh.
Federal Reserve Chair Powell made some strong statements on Wednesday, saying that inflation and unemployment rates will be higher than expected in 2025, scaring risk assets to shudder, with cryptocurrencies being the first to feel the impact. Although everyone knows about the 25 basis points interest rate cut, he also mentioned that rates won't be lowered again anytime soon, which further unsettled the market.
On the Dogecoin front, not only is the price dropping, but there is also a massive outflow of funds, with over $83 million flowing out of Binance, and trading volume frighteningly soaring to $1.85 billion. Looking at the liquidation data, most exchanges are experiencing capital outflows; this market is indeed fraught with tension!
Not just Dogecoin, Bitcoin, Ethereum, XRP, and other big names are also following the downward trend. Bitcoin is currently trading at $101,430, having dropped significantly in the past 24 hours. Others like Ethereum, XRP, and Solana have also seen double-digit declines.
Looking at those meme coins, only Fartcoin has increased in the past week, up 71%, and up 323% this month, which is truly surprising. However, those popular Solana meme coins, like MOODENG and CHILLGUY, have now dropped into the mid-range, with prices falling by 38% and 43%. Those dog-themed tokens have also dropped alongside Dogecoin, with Shiba Inu (SHIB) down by 23.3% and BONK down by 22.5%. This market is truly perplexing!
Now that the overall market is starting to correct, the market is poised for a full-blown explosion! In this situation, it is the best time to position yourself for potential altcoins! I have carefully selected a coin expected to grow 2-3 times in the short term and 5-10 times in the long term, leave a comment + like for a free share!