The Federal Reserve’s decision to maintain steady interest rates, despite weak US Non-Farm Payrolls data, has played a significant role in this uptick. The central bank’s decision hints at a potential interest rate cut in 2024 due to expectations of a slowdown in the American economy. Concurrently, the US dollar index, bond yields, and crude oil prices have been on a downward trend.
In the midst of these market movements, meme coins have experienced significant growth. Memecoin reached a $200 million market cap, with Pepe and Taboo Token also seeing considerable increases in their market caps. Investors are increasingly drawn towards emerging meme coins like Shiba Memu. The presale of Shiba Memu has raised over $4.36 million and has been extended due to high demand.
The dovish stance of the Federal Reserve, combined with the upcoming Bitcoin halving period in 2024, points towards a promising future for Shiba Memu and other meme coins.
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Source: Cryptocurrency - investing.com
