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Key Points
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.
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.
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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This article has been published in fool.com via Yahoo News.
