2023-11-05 14:32:08 ET
Bitcoin and other cryptocurrency prices joined the stock market in a strong rally last week as economic conditions improved. BTC jumped to a high of $35,200 while the combined market cap of all coins surged to over $1.32 trillion.
Bitcoin’s surge coincided with the great stock market comeback as the Dow Jones, Nasdaq 100, and S&P 500 indices had their best week in months. Bond yields, the
US dollar index
(DXY)
,
and the price of crude oil dropped.
The main catalyst for this trend is the Federal Reserve decision and the relatively weak US Non-Farm Payrolls (NFP) data. These numbers implied that the Fed will likely maintain its interest rate intact in the coming months and the cut in 2024.
Meme coin tokens have done well
A closer look at the crypto market shows that meme coins have done well in the past few months. On Friday, we wrote that
Memecoin (MEME)
had become a major cryptocurrency as its price surged. Its market cap surged to over $200 million even though its website makes it clear that it has no utility or use.
Other meme coins have surged recently. Pepe price jumped sharply, giving it a market cap of more than $400 million. Taboo Token, a cryptocurrency in the adult industry, has also soared, giving it a market cap of over $30 million.
This surge of meme coins coincide with the rise of the fear and greed index. Data by CoinMarketCap shows that the index has jumped to the greed zone of 72. In most cases, Bitcoin and other cryptocurrencies rise when investors are generally greedy in the market.
The core of this greed is the feeling that the Federal Reserve will embark on an easing phase. Besides, there are signs that the American economy is slowing because of the tight monetary conditions.
Shiba Memu presale continuing
The surge in meme coins has left many investors looking for the next big thing in the industry. This explains why many investors have shifted their resources to upcoming meme coins, some of which are in a presale.
Shiba Memu, one of the most popular emerging meme coins, has raised over $4.36 million from investors in the past few months. The developers hope that they can raise much more money, thanks to the rising demand. As a result, they have now extended the presale period to the end of December.
There are three main reasons why Shiba Memu token will likely do well in the long term. First, as we saw during the pandemic, cryptocurrencies tend to do well when the Fed is a bit dovish. This will likely be the case when the bank starts cutting interest rates in 2024.Second, cryptocurrencies tend to do well ahead of the Bitcoin halving period. This halving will happen in April of 2024. You can buy the Shiba Memu token
here
.
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Meme coin tokens are roaring back, a positive catalyst for Shiba Memu
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