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Investing.com | Editor Pollock Mondal
Printed Nov 06, 2023 07:22AM ET
Cryptocurrencies have rallied over the previous week, with Bitcoin reaching a peak of $35,200 and the entire crypto market cap surpassing $1.32 trillion. This surge coincides with a robust efficiency within the inventory market, as indicated by the Dow Jones, Nasdaq 100, and S&P 500 indices.
The Federal Reserve’s resolution to keep up regular rates of interest, regardless of weak US Non-Farm Payrolls knowledge, has performed a major function on this uptick. The central financial institution’s resolution hints at a possible rate of interest reduce in 2024 on account of expectations of a slowdown within the American economic system. Concurrently, the US greenback index, bond yields, and crude oil costs have been on a downward pattern.
Within the midst of those market actions, meme cash have skilled important development. Memecoin reached a $200 million market cap, with Pepe and Taboo Token additionally seeing appreciable will increase of their market caps. Traders are more and more drawn in the direction of rising meme cash like Shiba Memu. The presale of Shiba Memu has raised over $4.36 million and has been prolonged on account of excessive demand.
The dovish stance of the Federal Reserve, mixed with the upcoming Bitcoin halving interval in 2024, factors in the direction of a promising future for Shiba Memu and different meme cash.
This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.
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Written By: Investing.com
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