Is The Uptober Bull Run Starting? AI Cryptos Jump 8%, Meme Coins Surge 7% As ETH And SOL Soar
Release: 2024/09/20 17:04 Reading: 701
Uptober Bull Run Ignites Early, Fueled by AI Cryptos and Federal Reserve Rate Cut
A surge in AI cryptocurrencies, meme coins, and leading tokens like Solana (SOL) and Ethereum (ETH) has ushered in an early Uptober bull run, following a 50 basis point interest rate cut by the Federal Reserve on September 18th.
According to CoinGecko, AI cryptos have risen over 8% in the past 24 hours, while the meme coin sector has surged 7%. Layer-1 tokens SOL and ETH have also gained momentum, climbing 8% and 5% respectively.
Consequently, the total crypto market capitalization has increased by 2.7% to $2.21 trillion, as reported by CoinMarketCap.
Easing Monetary Policy Spurs Early Bull Run
The recent surge in crypto prices aligns with the Federal Reserve's first interest rate cut in over four years on Wednesday. In 2022, interest rates reached a 23-year high due to rising inflation caused by supply chain disruptions and the Russia-Ukraine conflict. As a result, investors reduced their exposure to risky assets, including cryptocurrencies.
The recent interest rate reduction has made borrowing more affordable for investors, boosting market sentiment and confidence in the Fed's ability to facilitate a soft landing for the U.S. economy.
Meme Coin Market Led by HEHE, PUPS, and DEGEN
Among meme coins, HEHE (HEHE), PUPS•WORLD•PEACE (PUPS), and Degen (DEGEN) have emerged as leaders. HEHE has surged over 76% in the past 24 hours, while PUPS and DEGEN have climbed more than 43% and 38% respectively.
Additionally, meme coins traded on the open market have not been the only beneficiaries. Layer-2 PEPE derivative Pepe Unchained (PEPU) has exceeded $14 million raised in its presale, adding over $1.4 million in just two days.
PEPU aims to compete with the original meme coin PEPE. Its popularity received a boost on Wednesday when the project announced that grant applications will be open in the next quarter for developers seeking to build on its exclusive Layer 2 blockchain.
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