Dogecoin Tumbles 8% Amid Rising Treasury Yields and Stronger Economic Data

Dogecoin plummeted nearly 8% to just above $0.09 as rising U.S. Treasury yields and stronger economic data triggered a broad sell-off across crypto markets.

The main pressure came from a sharp rise in borrowing costs, with the 10-year Treasury yield climbing to its highest level since 2007 at 5.11%.

This made riskier assets like DOGE less attractive to investors, who could earn higher returns from government debt.

The sell-off accelerated after S&P Global's latest U.S. business survey showed activity expanding at its fastest pace in more than five years, with the flash composite PMI reaching 58.4, its highest reading since July 2021.

Brent crude also jumped over 4% to nearly $104 per barrel, adding another source of inflation pressure and further weighing on DOGE and other high-beta crypto assets.