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Dogecoin Takes a Hit Amid Crypto Crash: $29 Million in DOGE Disappears
The crypto market has taken another hit as the Federal Reserve cut interest rates by 25 basis points, sparking widespread panic and liquidations across the board. In a shocking turn of events, Dogecoin (DOGE) has been severely impacted, with a staggering $29 million worth of the cryptocurrency vanishing into thin air.
As the market awaited the Fed’s decision, many traders had anticipated a rate cut, which ultimately proved correct. However, the subsequent decline in crypto prices has caught many off guard, leaving a trail of destruction in its wake.
The Fed’s decision to lower interest rates by 25 basis points was accompanied by Chair Jerome Powell’s warning that more progress is needed on inflation before further loosening monetary policy can be considered. This sentiment weighed heavily on investors, leading to widespread liquidations and market volatility.
As the dust settles, it becomes clear that DOGE has been one of the hardest hit cryptocurrencies, with a staggering $29 million in value disappearing from the market.
Source: u.today
