Why Shiba Inu, Pepe, and Dogwifhat Are Plunging Today
Crypto markets are seeing intense volatility build today, as investors appear to be concentrating their efforts on some of the larger-cap crytpocurrencies, which are relatively flat on the day. Unfortunately for speculators in a number of meme tokens such as Shiba Inu (CRYPTO: SHIB), Pepe (CRYPTO: PEPE), and Dogwifhat (CRYPTO: WIF), today's price action hasn't been so friendly. These three tokens are down 6.6%, 5.4%, and 7.1%, respectively, over the past 24 hours. Notably, these downside moves were more elevated during this morning's trade, as these meme coins did move higher through the end of the weekend.
Some of this move can be attributed to heightened concerns around higher-for-longer interest rates, due to commentary from the Federal Reserve last week. However, other fundamental factors appear to be at play driving these meme tokens lower today.
Let's dive into what's moving the needle for these three popular projects today.
Source Fool.com
