Why Dogecoin Is Getting Hammered Again Today

Shares of several popular altcoins, including Dogecoin DOGE/USD, are trading lower again Saturday afternoon in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD. 

Crypto has traded lower this week in tandem with major U.S. indices, which are also experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.

Fed Chair Jerome Powell Wednesday said another 0.75% rate hike is on the table for the next Fed meeting in July... Read More

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.

According to data from Benzinga Pro, Dogecoin is trading lower by 9.07% to $0.051 Saturday afternoon. Dogecoin is also lower by 39.88% over the trailing month amid ongoing weakness in the broader cryptocurrency market.