Why Dogecoin Is Getting Hammered Today

Dogecoin DOGE/USD is trading lower by 8.21% to $0.1297 going into the close of Wednesday's session. The meme crypto is falling amid overall U.S. market weakness as stocks see volatility following the Fed's decision to hike rates by 75 basis points.

What Happened?

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3.75% and 4%, its fourth 0.75% rate hike in five months.

The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.

“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed said in a statement...Read More