Bitcoin, Ethereum Price Up As CPI Inflation Cools, Are These Meme Coins Next To Explode
A dovish CPI print on Wednesday appears to have kickstarted the second leg of the crypto bull market.
The Bitcoin price reached a May high of $66,500 during the Asian trading hours on Thursday. Meanwhile, the Ethereum price traded as high as $3,040, reflecting the bullish stance of large-cap altcoins.
AI cryptocurrencies such as Near Protocol, The Graph and meme coins such as Shiba Inu and Book of Memes were amongst some of the biggest crypto gainers today.
New meme coins such as WienerAI and Dogeverse are also in high demand as the cooling CPI inflation is resulting in a higher degree of risk-taking.
Bitcoin, Ethereum Rally – Is The Bull Market Back On?
Wednesday’s CPI emerged as a major win for the bullish investors, with close to $50 million in short positions being liquidated over the past 24 hours.
Fed Chair Jerome Powell already adopted a dovish stance during his FOMC speech earlier this month. Now with the MoM headline CPI beating the consensus and core CPI cooling down for the first time in six months, the buzz regarding interest rate cuts is back in the market.
While the CME FedWatch tool is still only pricing in 2 rate cuts in 2024, analysts believe that the dovish shift in the Fed’s stance is enough for a “blow-off top for stocks and crypto.”
CPI falls to 3.4%.
15m chart shows some direction. SP500 close to printing new ATH.
Rate cuts in 2024 are still looming.
Before that, blow-off top for stocks and crypto. (expectation) pic.twitter.com/RfAr0VgOKr
— Gert van Lagen (@GertvanLagen) May 15, 2024
Crypto prices have indeed breached crucial resistance levels, signalling that the second leg of the bull market may now be underway.
For instance, BTC is now trading above the important $64,400 level. A daily close above it could result in a run towards a new all-time high.
I am in above $64,400 now. Bulls mission is to hold above today pic.twitter.com/2FmQ6ZH755
— Crypto Tony (@CryptoTony__) May 16, 2024
The Ethereum price has also formed a bullish cup and handle scenario. A weekly close above the breakout level has a staggering price target of $10,000 in the long term.
New Meme Coins In High Demand, Could Dogeverse and WienerAI Deliver 100x Returns?
Decreasing macroeconomic risk typically results in whales engaging in a high degree of risk taking, a decidedly bullish outcome for the meme coins.
Right on cue, tokens such as Shiba Inu and Book of Memes are rallying, with the latter up by 20% today.
New meme coins such as WienerAI are also showing strength. $WAI is quickly nearing the $2 million mark in its presale, with experts signalling it to potentially be the next 100x meme coin.
Aside from WienerAI’s memeable mascot – a part sausage, part dog hybrid – the meme coin also offers important real-world utility.
The WienerAI trading bot is a key aspect of the token’s brand value. It offers valuable insights into the crypto market, enables seamless swaps and offers MEV protection. Additionally, the $WAI staking protocol is offering high annualized yields, currently above 500%.
Meme coins with real-world utility are always in high demand. Another example is the multichain meme token Dogeverse, which is the first meme coin to launch on 6 different blockchains. The chains include Ethereum, Base, Solana, Polygon, Avalanche and BNB Chain.
Dogeverse has currently raised over $15 million in its presale on the expectation that it will launch on every popular DEX and CEX in each of the 6 blockchain ecosystems.
Similar to WienerAI, Dogeverse is being viewed by experts as potentially the next 100x meme coin.
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