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Benzinga
Benzinga
Business
Henry Khederian

Why Dogecoin Is Diving Today

Dogecoin Crypto Cryptocurrency Bitcoin Ethereum Inflation

Shares of several popular altcoins, including Dogecoin (CRYPTO: DOGE), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH). The weakness for the broader crypto sector is in sympathy with the overall stock market as traders continue to digest last Wednesday's Fed rate hike announcement.

Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector. 

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