Dogecoin (DOGE) is trading lower by 3.59% amid overall weakness in cryptocurrencies and the broader U.S. market. This is likely due to better-than-expected US jobs data, which could raise concerns over further rate hikes. Dallas Fed president Logan also stated that more rate hikes are likely necessary. The rise in interest rates can introduce additional uncertainty and volatility to the financial markets, potentially leading to a decrease in investor confidence and a shift towards traditional investment options.