Why Dogecoin Is Getting Hammered Today

Shares of several popular cryptocurrencies, including Dogecoin DOGE/USD, are trading lower. The weakness is in sympathy with the overall stock market as traders continue to digest Wednesday’s Fed rate hike announcement.

An increase in yields has pressured the broader stock market, with technology and growth stocks receiving the brunt of the selloff.

The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More

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According to data from Benzinga Pro, Dogecoin is trading lower by 5.77% to the $0.128-level Thursday afternoon. Dogecoin is also lower by 25.05% over the trailing month amid ongoing weakness in the broader cryptocurrency market.

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