11/8/2022 | Benzinga

Why Dogecoin (DOGE) Is Getting Hammered

Why Dogecoin (DOGE) Is Getting Hammered

Dogecoin is trading sharply lower by 21.36% to $0.0983 over the trailing 24 hours, per data from Benzinga Pro. Several popular altcoins are trading lower amid concerns over the financial condition of cryptocurrency exchange FTX.

Volatility in crypto ensued when Changpeng Zhao, the founder and CEO of Binance, the world's largest cryptocurrency exchange, announced that his trading platform is about to liquidate its entire FTT holdings.

With the crypto market reeling under a bout of intense sell pressure, Benzinga spoke to experts about their views on the token having a volume of 1.4 billion —up 88% compared to the previous day.

Alpha Impact CEO Hayden Hughes says there are massive flows into and out of FTX, which is moving its own funds into the exchange, and many small and large withdrawals moving out