Why Dogecoin Is Plummeting Today
Key Points
Dogecoin is falling as investors react to broader macro news.
Earnings from some consumer-facing brands like Chipotle show customers are tightening their belts, which could impact speculative investments like Dogecoin.
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Dogecoin (CRYPTO: DOGE) is falling on Monday. The coin is down 7.1% from 4 p.m. ET on Sunday, as of 12:51 p.m. The move comes as the S&P 500 is up 0.3% and the Nasdaq Composite has gained 0.7%.
Consumer goods companies say customers are staying home
Dogecoin is feeling pressure as investors digest news from the broader economy. Some signs of slowed consumer spending could spell trouble for the meme coin.
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Chipotle's quarterly report failed to meet Wall Street's targets across the board. CEO Scott Boatwright said his company is facing "consistent macroeconomic pressures," and that younger customers, a core group for the company, are tightening their belts and visiting Chipotle less often.
Image source: Getty Images.
Earnings from other consumer goods companies like Coca-Cola and Procter & Gamble showed similar trends. Investors will learn more in the coming week as major consumer brands like McDonald's report their latest numbers.
Dogecoin carries substantial risk
Dogecoin remains highly speculative, with its value driven entirely by social momentum rather than fundamentals. It was designed as a joke, not a legitimate investment. That hasn't changed. As with all meme coins, its price can collapse at any moment.
In the long run, Bitcoin is a much better choice.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill. The Motley Fool recommends the following options: short December 2025 $45 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.
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