Dogecoin (DOGE) is down 12.4% in the past 24 hours as the broader market continues to decline, due to the Federal Reserve's latest economic forecasts.

The meme coin fell to $0.31, while trading volume rose 67% to $10.25 billion as holders repositioned their purses. It is now down 35% from its 2024 high of $0.47.

Despite the decline, Dogecoin's market capitalization remains at $46.6 billion, maintaining its position as the seventh largest cryptocurrency.

Powell Extreme comments Higher-than-expected inflation and unemployment expectations for 2025 sent shockwaves through risk assets on Wednesday, with cryptocurrencies bearing the brunt of the immediate market reaction.

The Fed's forecast, which hinted at higher interest rates for a longer period - spooking market participants - weighed on speculative assets, including cryptocurrencies, which typically show increased sensitivity to macroeconomic signals.

Dogecoin's price decline coincided with significant outflows, especially on Binance, where more than $83 million exited the market while trading volume rose 74% to $1.85 billion. CoinGlass data was aggregated across major exchanges. He appears.

Liquidation data reveals concentrated selling pressures, with negative net flows across most major exchanges with the exception of Bybit and Bitstamp, suggesting a broader market exodus rather than exchange-specific activity.

Exchange-wide trading patterns point to a sustained sell-off from late November through December, with the DOGE/USDT pair on Binance and OKX feeling the heat as prices fell by roughly 23% over the past week.

A Wider encryption The decline saw other assets, such as Ethereum, XRP, and Solana, suffer double-digit losses.

DOGE's decline coincides with Bitcoin's decline below $100,000 this week, although meme currencies have generally seen steeper declines compared to other cryptocurrencies. Data From CoinGecko offers.

Fartcoin only showed positive numbers over the past week, rising by 71%. True to its name, the meme coin continued to accumulate and rose by 323% during the month.

Fartcoin has also gained a lot of mainstream media attention, with Decryption piece Turn it around Mentioned On CBS' The Late Show with Stephen Colbert.

Data CoinGecko reports that the most recent popular Solana meme coins, such as MOODENG and CHILLGUY, have fallen into the mid-sized segment, with their prices falling by 38% and 43%, respectively. The price of Peanut the Squirrel (PNUT) is also down 46%, although its market cap still exceeds $672 million.

Other dog-themed tokens followed the DOGE slide. Shiba Inu (SHIB) stock is down 23.3% on the day, while BONK stock is down 22.5%.

Despite the sharp correction, DOGE's current price represents a remarkable journey from its humble beginnings, although it is still 57% below its peak of $0.73 achieved during the 2021 bull market.

Modified by Sebastian Sinclair