- Dogecoin dropped 9.6% in a single day but remains up 150% since Sept. 2024.
- The sell-off comes as traders await the Fed’s Sept. 16–17 meeting on interest rates.
- Memecoins like SHIB, PEPE, and BONK are also facing steep corrections.
Dogecoin just got hit hard. The popular memecoin slid nearly 10% in the last 24 hours, according to CoinGecko, wiping out a chunk of its recent gains. Still, when you zoom out, the bigger picture looks a little brighter — DOGE remains up more than 12% this week, 20% in the past two weeks, and an eye-popping 150% since September 2024. Volatility, as always, is part of the Dogecoin story.
Why Did Dogecoin Drop So Quickly?
So, what’s driving this sudden pullback? The short answer: a broader market correction. Bitcoin dipped back to $114,000 after briefly touching $116,000, dragging other major cryptos down with it. Traders seem to be holding their breath ahead of the Federal Reserve’s upcoming Sept. 16–17 policy meeting, where an interest rate cut is widely expected. The tricky part? Inflation is still sticking around, and that uncertainty has investors trimming risk.
Memecoins Lead the Correction Wave
Dogecoin’s sharper drop compared to other assets might come down to simple profit-taking. The coin had rallied hard in recent days, and memecoins are usually the first to see exaggerated swings. Shiba Inu fell 6.7%, Pepe lost 7.7%, and Bonk shed nearly 10% — all part of the same wave of corrections hitting high-volatility tokens.
What’s Next for Dogecoin?
Looking ahead, DOGE could still surprise. If the Fed delivers the expected rate cut, it might give crypto markets a fresh boost. Analysts suggest that Dogecoin could reclaim momentum and possibly test the $0.30 mark if optimism returns. For now, though, the market feels cautious — and Dogecoin is riding that same uneasy wave.
