Dogecoin’s price continued its downward trend on Monday as the crypto and stock markets sank.

Dogecoin, the biggest meme coin in crypto, dropped to a low of $0.1628, its lowest point since March 12. It has fallen by over 66% from its highest level in December.

DOGE crash happened as investors embraced a risk-off sentiment ahead of Donald Trump’s so-called Liberation Day, when he will impose reciprocal tariffs on most US trading partners, risking a recession.

These fears have sparked anxiety in the crypto and stock markets. The crypto fear and greed index has fallen into the fear zone at 24, while the stock-focused gauge has slipped into the extreme fear zone at 18.

Still, a potential positive for Dogecoin and other cryptocurrencies is that rising recession odds may push the Federal Reserve to intervene. The Fed has historically responded to major black swan events, like the COVID-19 pandemic and the Global Financial Crisis, by cutting interest rates and implementing quantitative easing.