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Why Dogecoin Was Sinking Today
Key Points
A generally worried investor base and promising developments with a rival cryptocurrency segment put the kibosh on Dogecoin's (CRYPTO: DOGE) value on Thursday. The foundational meme coin stumbled late that afternoon, declining nearly 14% in value as of 4 p.m. ET. By contrast, the equity market wasn't suffering nearly as much, with the S&P 500 index closing the day 0.5% lower.
Trade war blues
The trade war between the U.S. and its major trading partners ground on Thursday, with no end immediately in sight. The conflict hasn't been beneficial to speculative assets like cryptocurrencies generally. Dogecoin -- not nearly as useful a coin or blockchain as a growing number of altcoins -- is highly speculative even among other cryptos.
Image source: Getty Images. Thursday afternoon it was reported that imports of foreign-manufactured goods plummeted month-to-month in April, showing that the dispute is having a tangible effect on the structure of the domestic and global economies. Investors tend to like steady and predictable developments in both, not dramatic swings.
Compounding problems for Dogecoin and other meme coins, the crypto world seems to be more focused on (and enthusiastic about) stablecoins. On Thursday, it was reported that Arizona Senator Ruben Gallego said as many as 16 members of his Democrat party in the chamber could vote to approve the stablecoin bill currently being deliberated by that body.
If passed, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) would set a pack of rules and regulations governing such cryptocurrencies.
Dodging Dogecoin
Although I think Dogecoin has a decent shot at a brief rebound given that it's an enduringly popular meme coin, for me it's too unpredictably volatile as an investment to put money into. I don't think the trade war's going to end soon, either, and it feels like the crypto spotlight will continue to shine on stablecoins for a bit. I'd leave Dogecoin alone for now.
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Why Dogecoin Was Sinking Today was originally published by The Motley Fool
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