What's Going On With Dogecoin (DOGE)
Portfolio Pulse from Henry Khederian
Dogecoin (CRYPTO: DOGE) is trading lower by 1.5% due to a lighter-than-expected June inflation report. Cryptocurrencies, often seen as a hedge against inflation, can see reduced demand when inflation is lower than expected. The U.S. CPI inflation in June decelerated more than anticipated, leading to expectations of a single rate hike by the Federal Reserve.
July 12, 2023 | 7:44 pm
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Dogecoin is trading lower due to lighter-than-expected inflation. This could lead to reduced demand for the cryptocurrency.
Cryptocurrencies like Dogecoin are often seen as a hedge against inflation. When inflation is lower than expected, it can reduce the perceived need for these alternative stores of value, leading to reduced demand and a negative impact on the price.
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