Dogecoin Bull Says He ‘Had To Sell’ As Meme King Plunges To 5-Week Low But Derivative Traders Remain Bullish

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) dumped hard Wednesday amid the broader market slump precipitated by the Federal Reserve’s hawkish outlook.

What happened: The world’s largest meme coin by market capitalization sank to a 5-week low of $0.34 during the evening before clawing back to $0.36. 

DOGE lost over 6% in the last 24 hours, while its trading volume spiked 62% to $6.57 billion, making it one of the most transacted tokens on the day.

Well-known cryptocurrency analyst Kevin said that the move down was expected and it was “staring us all in the face.”

Full story available on Benzinga.com