Dogecoin on the face of the future and its firmness. The popular meme token Dogecoin (CRYPTO: DOGE has definitely left a lot to be desired. At today’s lowest level, the DOGE fell more than 5% before recovering this afternoon)
The move may come as a surprise to investors who are taking a broader view of the cryptocurrency market today. Most major cryptocurrencies were in short supply, with yesterday’s sell-off continuing amid fears of inflation. The CPI data released yesterday showed higher-than-expected inflation, which led to expectations that the rate hike could happen as soon as possible. For those who invest in risky assets of all stripes, this leads to the apprehension of value, which in term leads to Crypto assets.
The decline of Dogecoin in recent months has pushed the token to 10th place in the ranking of cryptocurrencies, which is ranked in terms of market capitalization. In fact, it seems Elon Musk’s best efforts to send DOGE to the moon weren’t enough.
Recent news that Dogecoin may be the first cryptocurrency to go into space has created excitement among DOGE bulls. The Doge-1 satellite is expected to be launched sometime in the coming months. Recent reports suggest that SpaceX is working with Unison and ZenX Labs to prepare for the launch.
However, it seems that the broader market sentiment is currently dominant in the Crypto world. There is a lot of capital that has gone into highly speculative assets. And at the moment, investors seem willing to redistribute some capital to low-risk options, such as equities and bonds.
Right now, with Dogecoin, many investors are questioning whether it will be enough to stop the rally in the near-inflation-hit headwind meme tokens. Other dog-influenced meme tokens, such as Shiba Inu, have lost some of their lusters as Dogecoin’s first mover. However, this token has become a favorite of speculators due to its previous parabolic tricks.
It will be interesting to see where this token goes from here. However, at least for now, market-related headwinds appear to be strong in the near term.
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