The post Why Is Dogecoin (DOGE) Price Falling Today? appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE) price declined by more than 6% today, extending its previous downtrend. DOGE token price is trading at $0.3631 and the market cap is standing at $53.46 billion. The crypto market is down today due to the Fed’s interest rate cut decision at a recent meeting. Bitcoin briefly plunged below the $100,000 mark and is now trading at around the $101,341 price range whereas Ether’s price decreased by 4% in the last 24 hours. Other altcoins such as XRP, BNB, Solana, and Dogecoin are also dropping, making investors wonder whether the bull rally ended before the new year. Dogecoin (DOGE) price has already been falling for the past one month, irrespective of what is happening in the broader crypto market. With the recent Federal Reserves decision to cut interest rates by 25 bps and its influence on the crypto market to cause price falls has made the DOGE price to further plunge today. Dogecoin fell from around the $0.39 price range to as low as $0.3432 a few hours after the US Fed meeting. It is trading at around $0.3629, with around 6% decrease in the last 24 hours. Even though the trading volume is increasing by 58%, hovering around $6.5 billion, the market cap decreased by over 5% and is standing in the $53.42 billion range. Factors Leading to Dogecoin (DOGE) Price Decline The US Federal Reserve (Fed) announced an interest rate cut by 25 bps, which resulted in a lowered fund rate to 4.25 to 4.50% range in its recent meeting on Wednesday. Adding to that, Jerome Powell clearly stated that they are not allowed to own Bitcoin and they are also not interested in changing laws at Fed. Jerome Powell’s statements in the middle of a crypto bull run had influenced market prices to a large…