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Cryptocurrencies are highly susceptible to interest rate decisions as they are risky assets whose demand is influenced primarily by the market’s mood.
If the Fed’s concerns about inflation exacerbate as a result of Trump’s latest decisions, this could lead to changes in their dot plot and further lower the odds of another interest rate cut this year.
However, market participants seem to be in a good mood today as most cryptocurrencies are rallying during the Asian session. Other meme coins like Dogecoin (DOGE) and Pepe (PEPE) have also surged by 3.2% and 7.2% in the past day.
Shiba Inu (SHIB) is the most resilient meme coin within the top 10 with annual losses of 39.4%. Comparatively, DOGE and PEPE have shed 45.7% and 64.7% during this same period.
This meme coin’s robust ecosystem, which includes a decentralized exchange (Shibaswap), layer-two blockchain (Shibarium), and even a magazine called The Shib, has made it one of the most popular tokens in the space amid its loyal fan base.
Despite today’s significant uptick, trading volumes have gone down by 17% in the past 24 hours, meaning that a group of market participants have not bought into the bullish narrative, especially as Fed meetings tend to trigger a spike in volatility.
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