The price of Dogecoin (DOGE) declined approximately 4% to $0.19 following the Federal Reserve’s announcement that it would maintain current interest rates. This decision dampened risk appetite among investors, particularly impacting volatile assets like meme coins.
Heightened market volatility after the Fed’s announcement triggered notable outflows from prominent meme coins, including DOGE and Shiba Inu (SHIB). The unchanged rates amplified risk-off sentiment towards such high-beta assets.
Despite the price decrease, large holders known as ‘whales’ actively accumulated Dogecoin. Available on-chain data indicates whales purchased over 310 million DOGE within a 24-hour period, suggesting significant investors view the dip as a buying opportunity and express confidence in a potential recovery.
Technical analysis points to significant support levels emerging near the $0.19 price point. This support could potentially fuel bounce-back rallies in DOGE if broader market risk aversion begins to subside.
Dogecoin’s resilience during volatile periods continues to be partially attributed to its strong community-driven support, exemplified by initiatives fostered by the Dogecoin Foundation.