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Why is Dogecoin (DOGE) price down today?

Published 04/12/2023, 09:26 AM
Updated 04/12/2023, 11:00 AM
© Reuters
DOGE/USD
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SHIB/USD
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The price of Dogecoin (DOGE) dropped 4.6% to $0.0808 under the influence of a broader crypto market correction on April 12. This downside move preceded the release of the U.S. consumer price index (CPI), which showed inflation eased to its lowest level in two years.

Dogecoin's latest price drop appeared also after Elon Musk-owned Twitter removed the token's official mascot — the Shiba Inu meme — from its home button to reinstate its original bluebird logo.

DOGE/USD daily price chart. Source: TradingView
DOGE/USD daily price chart. Source: TradingView

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