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Why Baby Dogecoin Is Diving Today

By Henry Khederian

Shares of several popular altcoins, including Baby Dogecoin (CRYPTO: BABYDOGE), are trading lower again Wednesday in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto, Ethereum (CRYPTO: ETH). 

The broader cryptocurrency sector was highly volatile throughout Wednesday’s trading session following the April CPI report, which showed worse-than-expected inflation.

The headline CPI rose 8.3% in April, down slightly from 8.5% in March but above economist estimates of 8.1%. Prior to 2022, the CPI hadn't risen 8.3% in any month since 1982. Core inflation, which excludes volatile food and energy prices, was up 6.2% in April, above economist estimates of a 6% gain... Read More

Recent weakness for cryptos is also in sympathy with the overall stock market as traders continue to digest last Wednesday's Fed rate hike announcement. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

See Also: Why Coinbase Stock Is Trading At 52-Week Lows

According to data from Benzinga Pro, Baby Dogecoin is trading lower by 30.70% to $0.000000001035 Wednesday evening.

Photo by Kevin Fitzgerald on Unsplash

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Dive Deeper:
Why Dogecoin Spin-Off Shiba Inu Is Nosediving Today
Shares of several popular altcoins, including Shiba Inu (CRYPTO: SHIB), are trading lower again Wednesday in sympathy with apex cryptocurrency…
Why Bitcoin Gold Is Falling Sharply Today
Shares of several popular altcoins, including Bitcoin Gold (CRYPTO: BTG), are trading lower again Wednesday in sympathy with apex cryptocurrency Bitcoin…
Why Baby Dogecoin Is Getting Hammered Today
Shares of several popular altcoins, including Baby Doge Coin (CRYPTO: BABYDOGE), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO:…
Why Dogecoin Is Diving Today
Shares of several popular altcoins, including Dogecoin (CRYPTO: DOGE), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC)…
One subscription that gives you access to news from hundreds of sites
Why Microsoft Shares Are Diving Today
Shares of several companies in the broader technology sector, including Microsoft Corporation (NASDAQ: MSFT), are trading lower amid continued volatility as investors…
Why Apple Shares Are Diving Today
Shares of several companies in the broader technology sector, including Apple Inc (NASDAQ: AAPL), are trading lower amid continued volatility as…
Get all your news in one place