The post Dogecoin Jumps 17% as Trade War Fears Subside appeared on BitcoinEthereumNews.com.
Dogecoin experienced a 17% increase on Monday, reaching an intraday high of $0.21, recovering from a sharp decline that pushed the meme coin to a three-month low. The token had lost 33% of its value in the last week and hit a bottom at $0.18 on October 12. Despite Monday’s gains, Dogecoin remains 54% below its all-time high of $0.46, reached in December. The rebound was part of a wider recovery in the cryptocurrency market, triggered by President Donald Trump’s remarks. Trump posted on Truth Social that the United States government was negotiating with China on proposed 100% tariffs on imported rare earth metals. The tariffs, scheduled to begin on November 1, had rattled global markets and raised concerns about escalating trade tensions between the world’s two largest economies. Crypto Market Shows Strength Across Major Assets The clarification by Trump, which alleviated any anticipation of a complete trade war, led to a fresh surge in the purchasing of digital assets. Bitcoin rose once again above $115,000, and Ethereum and BNB recorded increases of 9% and 16%, respectively. The rally extended into the meme coin industry, with the total cryptocurrency market capitalization again surpassing the $4 trillion threshold. Traders reported that Dogecoin not only has a better sentiment in the market, but it also has high conviction amongst its holders. CoinGlass data indicated a significant transfer of tokens from exchanges. Dogecoin has experienced 10 consecutive days of net outflows since the start of October, totaling more than $440 million. Dogecoin outflow: Coinglass Outflows of exchange are usually a sign that investors are moving their investments to self-custody wallets. This activity is an indication of confidence in the long-term outlook of the asset, which in turn decreases the pressure to sell in the short term. The supply of tokens on exchanges is…