Dogecoin Continues to Sink Among Crypto Fallout

Dogecoin continued to trade lower on Friday morning, continuing a year of sad statistics that includes nearly a 19% loss of value this year, nearly a 20% loss in the last 30 days, and over an 8% loss in the last 7 days. As Dogecoin traded lower overnight, the global market cap rose nearly 2%, but DOGE does not seem to be benefiting from these gains. Even so, the meme coin is in the top 10 most mentioned tokens on Twitter ($TWTR@US), and it was also trending on CoinMarketCap yesterday. DOGE couldn’t seem to capitalize on the buzz around Elon Musk telling McDonald’s ($MCD@US) to accept the token, saying he would eat a burger on TV if the chain were to accept Dogecoin as legal tender. Moreover, the Federal Reserve put off any interest rate hikes until at least March, and Dogecoin did not respond to that news, even though lower interest rates help risk assets maintain their value. At press time, Dogecoin was trading at 13.86 cents, down over 3% on decreasing volume and a falling market cap.