Dogecoin (DOGE) is experiencing a decline today, primarily due to broader macroeconomic factors affecting the entire cryptocurrency market. A significant selloff has been triggered by stronger-than-expected jobs data in the United States, which has led to a reassessment of the Federal Reserve's interest rate policy. This has resulted in a stronger U.S. dollar, putting pressure on risk assets like cryptocurrencies. Additionally, the market is reacting to concerns over potential inflationary tariffs under President-elect Donald Trump, further contributing to the cautious sentiment among investors.
The crypto market has seen substantial liquidations, with over $400 million in top cryptocurrencies being liquidated, including DOGE. This has exacerbated the downward pressure on prices, as traders and institutions offload their holdings. The overall market cap has dropped significantly, with Dogecoin and other altcoins like Shiba Inu experiencing notable declines.
Dogecoin is currently trading at $0.3244, down 3.40% from its previous close of $0.3359, and has seen a similar percentage drop from its opening price today.