The Dogecoin and Shiba Inu prices are rising today, sparking a bullish sentiment among investors. This comes following the massive wave of sell-offs earlier in the week, which led to a significant decline for the foremost meme coins.
Why The Dogecoin And Shiba Inu Prices Are Rising
CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are rising today, indicating that a bullish reversal may be on the horizon. This price surge has been due to developments on the macro side, with the Federal Reserve leaving interest rates unchanged at the 4.25% to 4.5% range.
The Federal Reserve keeping rates unchanged is typically bearish for the Dogecoin and Shiba Inu prices. However, Fed Chair Jerome Powell’s speech after the FOMC meeting provided some bullish momentum for the crypto market, which is why foremost meme coins are rising today.
Although Powell said they were in no hurry to cut rates, he added that financial institutions were free to serve crypto clients as long as the risks involved were managed appropriately. This immediately sparked a bullish sentiment among crypto investors seeing as the US Central Bank has indirectly given the nod for crypto adoption among banks.
Moreover, it comes as Morgan Stanley CEO Ted Pick recently revealed that the bank was working with regulators to explore crypto services. As such, Powell’s speech is timely and provides a bullish momentum for the Dogecoin and Shiba Inu prices and the broader crypto market.
The Bitcoin price had also surged above $105,000 following Powell’s speech. Bitcoin’s ra
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Author: Scott Matherson
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