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An Uptober bull run seems to have started early, driven by a surge across AI cryptos, meme coins, and major tokens like Solana (SOL) and Ethereum (ETH) after the Federal Reserve slashed interest rates by 50 basis points on Sept. 18.
AI cryptos soared more than 8% in the last 24 hours, while the meme coin sector surged 7%, according to CoinGecko. At the same time, layer-1 tokens SOL and ETH climbed 8% and 5%, respectively, signaling growing momentum across the crypto market.
Altogether, the crypto market cap climbed 2.7% to $2.21 trillion, according to CoinMarketCap.
Easing Monetary Policy Gives Uptober Bull Run An Early Start
The surge in prices across the crypto market follows the Federal Reserve Bank’s first interest rate cut in more than four years on Wednesday. In 2022, interest rates were bumped up to a 23-year high as a result of surging inflation triggered by supply chain bottlenecks caused by the Covid pandemic and Russian’s invasion of Ukraine.
Investors subsequently reduced their exposure to risky asset classes, including cryptos.
The recent reduction in interest rates has made it cheaper for investors to borrow money, helping to buoy market sentiment around as confidence grows in the Fed’s ability to steer the US economy in for a soft landing.
HEHE, PUPS And DEGEN Lead The Meme Coin Market
Hehe (HEHE), PUPS•WORLD•PEACE (PUPS) and Degen (DEGEN) led meme coin gainerss. HEHE pumped over 76% in the last 24 hours, while PUPS and DEGEN surged more than 43% and 38%, respectively.
HEHE and DEGEN added to their weekly performances, while PUPS was able to push its performance over the last 7 days back into the green. HEHE posted the third biggest gain during this period, and is up more than 248%.
Pepe Unchained — Groundbreaking Layer 2 Blockchain technology.
Welcome to the future of meme coins. 🐸 pic.twitter.com/iC9b6YSynT
— Pepe Unchained (@pepe_unchained) September 6, 2024
Meme coins trading on the open market are not the only tokens to get a boost. The layer-2 PEPE derivative Pepe Unchained (PEPU) has just blasted past $14 million raised in its presale after adding more than $1.4 million in just two days.
The token aims to challenge the OG meme coin PEPE, and got a boost on Wednesday when it announced that it will open grant applications in the next quarter for developers that want to build on its proprietary Layer 2 blockchain.
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