The crypto market is experiencing significant growth after the Federal Reserve slashed interest rates by 50 basis points on September 18.
Impact of Fed's Rate Cut on the Market
The rise in crypto prices follows the Federal Reserve's first interest rate cut in over four years. In 2022, interest rates were raised to a 23-year high due to inflation triggered by supply chain issues and Russia's invasion of Ukraine. The recent rate cut has made borrowing cheaper for investors, boosting market sentiment and confidence in the Fed's ability to stabilize the US economy.
Meme Coins Surge
Meme coins like HEHE, PUPS•WORLD•PEACE, and Degen showed significant growth. HEHE surged by 76%, while PUPS and DEGEN grew by 43% and 38%, respectively. HEHE and DEGEN added to their weekly performances, while PUPS managed to return to positive performance over the last 7 days.
PEPE Unchained Token Reaches New Milestone
Not only have trading meme coins received a boost, but PEPE Unchained, a layer-2 PEPE derivative, has raised over $14 million in its presale, increasing by $1.4 million in just two days. The token aims to challenge the original PEPE meme coin and announced the opening of grant applications for developers in the next quarter.
The crypto market is seeing growth following the Fed's rate cut, with increases in major tokens like Solana and meme coins like HEHE and PEPE Unchained.
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