The price of Dogecoin has fallen sharply, decreasing by 35% from its peak earlier this year. Currently priced at $0.31, this decline has been accompanied by increased trading volume and notable outflows from major exchanges. This downturn follows hawkish statements made by Federal Reserve Chair Jerome Powell regarding inflation, which have skewed market sentiment. Despite the challenges, Dogecoin retains its status as the seventh-largest cryptocurrency by market capitalization. Investors should consider these dynamics and potential recovery strategies as they navigate the ever-evolving crypto market.