The unexpected 50 basis points cut by the Federal Reserve (Fed) has caused a storm in cryptocurrency markets, triggering a steep rise in Bitcoin and other major cryptocurrencies.
Fed Rate Cut and Market Reaction
The 50 bps rate cut by the Fed came as a surprise, causing Bitcoin and other major cryptos to break past their resistance levels.
Memecoins Rally
Memecoins have also surged, with POPCAT leading the rally. Two popular memecoins recorded nearly $500 million each in volume. PEPE's price is set for a 25% rise, while Dogecoin's price remains consolidated within a range.
Future of Dogecoin Price
While PEPE's price has broken out after a prolonged consolidation, Dogecoin remains range-bound around $0.1. Current trends indicate possible further gains for DOGE, but market volatility leaves predictions uncertain.
The Fed's rate cut has positively impacted cryptocurrency markets, especially Bitcoin and memecoins. However, the future of Dogecoin remains uncertain, requiring further observation.
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