Dogecoin (DOGE) Price Drops 7% Amid Market-Wide Risk-Off Sentiment Impacting Ethereum Ecosystem Tokens

The price of Dogecoin (DOGE) experienced a sharp decline of 7% in the last 24 hours, mirroring a broader downturn across the cryptocurrency market. This movement is attributed to a prevailing "risk-off" sentiment among investors, which has particularly impacted tokens associated with the Ethereum network. The sell-off reflects a shift towards safer assets as traders reassess market volatility and macroeconomic uncertainties. Analysts note that Ethereum-based altcoins are often among the first to see heightened selling pressure during periods of market stress. The drop in DOGE, one of the largest memecoins, signals a cautious short-term outlook for speculative crypto assets tied to major blockchain ecosystems like Ethereum.