Popular Dog-Themed Cryptocurrency Dogecoin DOGE/USD Dumped Hard Wednesday Amid the Broader Market Slump Precipitated by the Federal Reserve's Hawkish Outlook

DOGE lost over 6% in the last 24 hours, while its trading volume spiked 62% to $6.57 billion, making it one of the most transacted tokens on the day.

Dogecoin (CRYPTO: DOGE) price dropped sharply on Wednesday evening amid a broader market slump, triggered by the Federal Reserve's hawkish outlook.

The world's largest meme coin by market cap fell to a five-week low of $0.34 during the evening before recovering slightly to trade at $0.36.

The token price dropped over 6% in the last 24 hours, while its trading volume surged 62% to reach $6.57 billion, making it one of the most transacted tokens on Wednesday.

Well-known cryptocurrency analyst Kevin Flanary highlighted the move down and stated that it was "staring us all in the face."

We predicted this move down on #Dogecoin perfectly. Honestly it was staring us all in the face and was easy to see. If your guru couldn't spot that one then you should question there talent level https://t.co/wm5tk3qC0L

Interestingly, a renowned early adopter of the cryptocurrency, Glauber Contessoto, aka the ‘Dogecoin Millionaire,’ disclosed on Wednesday that he was also among the sellers.

Sorry guys, I had to sell some #Dogecoin https://t.co/a7pro4wH5S

See Also: MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community

Why It Matters: A technical analysis of DOGE price showed a bearish outlook as of Wednesday evening, according to TradingView.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, signaled a "Sell" at the time of writing.

Additionally, most shorter moving averages hinted that the price could fall further.

However, the Bull Bear Power indicator, which is used for measuring the strength of buyers and sellers in the market, showed a "Neutral" reading.

On the other hand, a glance at the derivatives market showed a surprising trend.

Over 84% of the top trader accounts on Binance were long on DOGE at the time of writing, according to data from Coinglass.

Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3616, down 6.47% in the last 24 hours, according to data from Benzinga Pro.