Breaking! Dogecoin Price Plummets, Trading Volume Surges by 67%! The Power of the Federal Reserve is Evident!
As soon as the Federal Reserve's recent economic outlook was released, the market immediately reacted strangely. Dogecoin dropped by 12.4% in just 24 hours, with the price falling to $0.31, while trading volume surged by 67% to $10.25 billion. Considering its peak earlier this year, it has now dropped by 35%. However, it is fortunate that its market capitalization remains stable at $46.6 billion, ranking seventh.
Federal Reserve Chairman Powell made a strong statement on Wednesday, saying that inflation and unemployment rates will be higher than expected in 2025, scaring risk assets into a tremor, with cryptocurrencies being the hardest hit. While everyone is aware of the 25 basis point rate cut, he mentioned that rates wouldn't drop that quickly again, which made the market even more anxious.
As for Dogecoin, not only is the price dropping, but funds are also flowing out significantly. Over $83 million has flowed out from Binance, and the trading volume has frighteningly surged to $1.85 billion. Looking at the liquidation data, it appears that most exchanges are experiencing capital outflow; this market is truly in a state of alarm!
Not only Dogecoin, but also Bitcoin, Ethereum, and XRP are following suit with declines. Bitcoin's current trading price is $101,430, which has also seen a significant drop 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, rising by 71%, and this month it has surged by 323%, truly a shocker. However, those popular Solana meme coins, like MOODENG and CHILLGUY, have now dropped to mid-range, falling by 38% and 43%. Those dog-themed tokens are also dropping alongside Dogecoin, with Shiba Inu (SHIB) down by 23.3% and BONK down by 22.5%. This market is truly incomprehensible!
Recently, I plan to ambush a potential coin that is ready to explode, doubling it should be quite simple. At the same time, I am looking for some potential coins to hold until the end of the year, with an expected space of over 10 times not being a problem. If you want to follow along, look at my bamboo leaves, leave a message, follow, like, and join the gold skirt.
