Memecoins Jump 8% as US Inflation Falls
Release: 2024/05/16 09:44 Reading: 508
Memecoins Surge on Inflation Dip, Signaling Risk Appetite
As the United States inflation rate falls, memecoins are experiencing a surge in intraday trading, sparking a rally in several assets. The Consumer Price Index data, which revealed a monthly inflation rate of 0.3%, has boosted crypto prices.
This decline in core inflation to 2021 levels suggests potential interest rate cuts, further fueling the rally. The stock market has also extended its recent upward momentum, with both the S&P 500 and NASDAQ's Composite Index reaching all-time highs. Memecoins are among the primary beneficiaries, as reduced rates encourage investors to allocate funds to riskier assets.
Memecoins Rebound from Correction
Memecoins experienced a sharp correction alongside other crypto assets due to negative macroeconomic factors. However, they have since rebounded, with some posting double-digit gains. The memecoin market cap has increased by 8.8% today, outperforming the wider crypto market cap's 6.20% gain.
Solana memecoins have led the rally with an 11.8% increase, while dog-themed tokens have gained 8.6%. Dogecoin (DOGE), the market leader, has risen by 5.8% today, extending its weekly gains to over 8%. Dogecoin bulls anticipate a run to $1, supported by the broader crypto bull market.
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DOGE currently trades at $0.1548 with improved trading volumes of $1.48 billion. Its market cap stands at $22.3 billion. Shiba Inu (SHIB) has surged 9.8% in the last 24 hours, with weekly gains of 11.7%. The asset has witnessed bullish momentum as on-chain factors improve. With trading volumes exceeding $906 million, its market cap has risen to $14.8 billion.
Sustainability of the Rally
The surge in memecoins stems from improved market sentiment following the positive CPI report. Declining inflation has instilled confidence in investors, leading them to allocate funds to riskier assets, including cryptocurrencies.
Another factor supporting a sustained rally is the anticipation of interest rate cuts by the Federal Reserve. Most traditional institutions project rate cuts as early as September. However, factors such as the upcoming US Presidential elections and crypto regulations could potentially influence the asset's trajectory.
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