Dogecoin (DOGE) has fallen 12.4% in the last 24 hours as the overall market decline continues, sparked by the Federal Reserve’s latest economic outlook.

The meme coin fell to $0.31 while trading volume rose 67% to $10.25 billion as holders repositioned their pockets. It is now down 35% from its 2024 peak of $0.47.

Despite the decline, Dogecoin’s market capitalization remains at $46.6 billion, maintaining its position as the seventh largest cryptocurrency.

Powell’s aggressive comments over higher-than-expected inflation and unemployment forecasts for 2025 sent shockwaves across risk assets on Wednesday, with cryptocurrencies bearing the brunt of the immediate market reaction.

The Fed’s forecast, which pointed to higher interest rates for an extended period of time, spooking market participants, impacted speculative assets, including meme coins, which typically have heightened sensitivity to macroeconomic signals.

Dogecoin’s price drop coincided with significant outflows, particularly on Binance, where over $83 million left the market while trading volume rose 74% to $1.85 billion, data from CoinGlass aggregated across major exchanges shows.

The liquidation data shows concentrated selling pressure with negative net flows on most major exchanges except Bybit and Bitstamp, indicating broader market exodus rather than exchange-specific activity.

Exchange-wide trading patterns suggest continued selling from late November into December, with the DOGE/USDT pair on Binance and OKX feeling the heat as prices fell around 23% over the past week.

A broader crypto Dip has caused other assets such as Ethereum, XRP and Solana to suffer double-digit losses.

DOGE’s decline coincides with Bitcoin’s fall below $100,000 this week, although meme coins have generally experienced steeper declines compared to other crypto sectors Data from CoinGecko shows.

Only Fartcoin recorded positive numbers last week, gaining 71%. True to its name, the meme coin has continued to increase its holdings and is up 323% month-on-month.

Fartcoin has also attracted a lot of attention in the mainstream media, with among others: Decipher Piece about it mentioned on the CBS series “The Late Show” with Stephen Colbert.

Data by CoinGecko states that recently popular Solana meme coins such as MOODENG and CHILLGUY have fallen into a mid-cap segment and their prices have fallen by 38% and 43%, respectively. Peanut the Squirrel (PNUT) is also down 46%, although its market cap is still over $672 million.

More dog-themed tokens followed DOGE’s decline. Shiba Inu (SHIB) fell 23.3% on the day, while BONK fell 22.5%.

Despite the sharp correction, DOGE’s current price represents a remarkable development from its humble beginnings, although it is still 57% below its peak of $0.73 reached during the 2021 bull market.

Edited by Sebastian Sinclair