Federal Reserve concerns persist, Dogecoin and meme coins decline 🔥🔥🔥

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Affected by the Federal Reserve's latest economic outlook:

The market continues to decline, Dogecoin (DOGE) has dropped 12.4% in the past 24 hours, with the price falling to $0.31 and trading volume surging 67% to $10.25 billion.

Currently, this coin has decreased 35% from its 2024 peak, but its market capitalization remains at $46.6 billion, ranking as the seventh largest cryptocurrency.

Federal Reserve's tough remarks trigger market shock:

Federal Reserve Chairman Powell made tough remarks on Wednesday, predicting that inflation and unemployment rates will be higher than expected in 2025, leading to a shock in risk assets, with cryptocurrencies being hit the hardest. Although the market has absorbed the 25 basis point rate cut by the Federal Reserve, the suggestion that interest rates will not drop again anytime soon has exacerbated market concerns.

Dogecoin capital outflow and selling pressure:

Data shows that the decline in Dogecoin's price is accompanied by a significant capital outflow, especially on Binance, where outflows exceeded $83 million, and trading volume surged 74% to $1.85 billion. Clearing data indicates that the net flow for most major exchanges is negative, suggesting a broader capital outflow in the market.

Overall decline in cryptocurrencies:

After the Federal Reserve's rate cut, major assets such as Bitcoin, Ethereum, XRP, and Dogecoin quickly fell. Bitcoin's trading price is $101,430, down nearly a certain extent in the past 24 hours. Other cryptocurrencies like Ethereum, XRP, and Solana also suffered double-digit losses.

Performance of other meme coins:

In the past week, only Fartcoin showed positive growth, increasing by 71%, with a monthly rise of 323%. Meanwhile, recently popular Solana meme coins like MOODENG and CHILLGUY have fallen into the mid-range, with prices dropping by 38% and 43%. Dog-themed tokens also followed DOGE's decline, with Shiba Inu (SHIB) down 23.3% and BONK down 22.5%.

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