Why is the price of Dogecoin (DOGE) down today? 🔥🔥🔥

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The price of Dogecoin (DOGE) has dropped over 6% today, continuing its downward trend, with the current price at $0.3631 and a market cap of $53.46 billion.

Due to the Federal Reserve's interest rate cut decision, the cryptocurrency market has fallen overall. Bitcoin has dropped below $100,000, Ether has decreased by 4%, and other altcoins like XRP, BNB, Solana, and Dogecoin have also generally fallen, raising concerns among investors about whether the bull market has ended.

After the Federal Reserve's interest rate cut, Dogecoin fell from $0.39 to a low of $0.3432, and is currently trading at around $0.3629, with a drop of about 6% in the last 24 hours. Despite a 58% increase in trading volume, the market cap has declined by over 5%.

The price drop of Dogecoin is influenced by multiple factors. The Federal Reserve's interest rate cut and Powell's comments on cryptocurrencies have worsened market sentiment.

Additionally, the Dogecoin network was hacked, causing 69% of nodes to crash, exacerbating the price decline. Hackers exploited network vulnerabilities to carry out the attack, leading to a significant decrease in trading volume and daily active addresses.

As a top memecoin, the price drop of Dogecoin also affects other similar tokens. However, once the bull market returns, the price trend of Dogecoin may reverse.

Tap the avatar live, don't miss the bull market