Dogecoin (CRYPTO: DOGE) is falling on Monday, down 10.6% in the last 24 hours as of 5:47 p.m. ET. The drop comes as the S&P 500 lost 0.5%, and the Nasdaq Composite lost 0.3% today.
Dogecoin and the rest of the crypto market are down after last Friday’s huge spike following Fed Chair Jerome Powell’s address to the nation.
Federal Reserve Chairman Jerome Powell spoke from the Fed’s annual Jackson Hole summit on Friday, shedding light on its plans for rate cuts in the near future. Powell painted a complicated picture of the current economy with signs of a slowdown in hiring happening even as other signs point to the possibility that inflation is heating up.