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Why Dogecoin Was Sinking Today
A generally worried investor base and promising developments with a rival cryptocurrency segment put the kibosh on Dogecoin's (CRYPTO: DOGE) value on Thursday. The foundational meme coin stumbled late that afternoon, declining nearly 14% in value as of 4 p.m. ET. By contrast, the equity market wasn't suffering nearly as much, with the S&P 500 index closing the day 0.5% lower.The trade war between the U.S. and its major trading partners ground on Thursday, with no end immediately in sight. The conflict hasn't been beneficial to speculative assets like cryptocurrencies generally. Dogecoin -- not nearly as useful a coin or blockchain as a growing number of altcoins -- is highly speculative even among other cryptos.Image source: Getty Images.Continue reading
A generally worried investor base and promising developments with a rival cryptocurrency segment put the kibosh on Dogecoin's (CRYPTO: DOGE) value on Thursday. The foundational meme coin stumbled late that afternoon, declining nearly 14% in value as of 4 p.m. ET. By contrast, the equity market wasn't suffering nearly as much, with the S&P 500 index closing the day 0.5% lower.
The trade war between the U.S. and its major trading partners ground on Thursday, with no end immediately in sight. The conflict hasn't been beneficial to speculative assets like cryptocurrencies generally. Dogecoin -- not nearly as useful a coin or blockchain as a growing number of altcoins -- is highly speculative even among other cryptos.
Image source: Getty Images.
