Dogecoin (DOGE) is experiencing a 2.0% loss, currently trading at $0.8480 this week. The decline aligns with the broader market trend, with Bitcoin (BTC) also slipping by 1.3% to $51,200 per coin.
The retracement is possibly linked to the pullback in the U.S. stock market observed last Friday. However, what stands out is the circulating rumors regarding the involvement of large institutional players in the Dogecoin project. Ferrari has made an announcement indicating its acceptance of Dogecoin as a payment method in the United States. While the luxury car brand has already listed Bitcoin, Ether (ETH), and USD Coin (USDC) as cryptocurrencies acceptable for payments in the U.S., Dogecoin's inclusion is noteworthy. Despite having a market cap significantly smaller than Bitcoin and Ethereum, and only marginally larger than USDC, Dogecoin is considered an anomaly in this prestigious list. Ferrari claims this decision is in response to the preferences of its clientele. Notably, someone purchased 400 million DOGE, worth $34.3 million, via Robinhood during the previous week.