The latest inflation report arrived, with data that could spell trouble for Dogecoin investors.

Dogecoin ( DOGE -9.50% ) is getting hit with bearish pressures Thursday. The meme coin 's token price was down 8.4% over the previous 24 hours of trading as of 4 p.m. ET. Over the same period, Bitcoin was down 3.8%, and Ethereum was down 4%.

Dogecoin's valuation is slipping today after the Bureau of Labor Statistics published its Producer Price Index (PPI) report for July. The report showed PPI inflation came in at 3.7% last month -- up 0.9% from June's level. July's PPI inflation came in far higher than the broadly forecasted 3% level for the period, and the cryptocurrency market is seeing sell-offs in response.

Inflation data is dragging Dogecoin lower

After July's jobs report

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