The Federal Reserve decided to leave interest rates unchanged.
It also signaled that it will deliver another rate hike later this year.
Shiba Memu has defied gravity by raising over $3.1 million.
Stocks and cryptocurrencies came under intense pressure this week as the Federal Reserve pointed to higher interest rates in the coming months. The Dow Jones, Nasdaq 100, and S&P 500 slipped for four straight days. Similarly,& Bitcoin dropped to $26,000, down from this month’s high of almost $28,000.&
Federal Reserve decision
The main catalyst for the performance of stocks, cryptocurrencies and bonds was the latest Federal Reserve interest rate decision. In it, the bank decided to leave interest rates unchanged between 3.50% and 3.25%. At the same time, the committee hinted that it was still concerned about inflation.&
As a result, the dot plot pointed to another 0.25% hike by the end of the year. If this happens, interest rates will peak at 5.75%, the highest level in more than 23 years. The Fed is right to be worried about inflation.&
Recent data shows that the price of crude oil has continued soaring. Brent, the international benchmark, rose to $95 and most analysts believe that it is just a matter of time before it hits $100.
The price of other agricultural commodities is also rising. Live cattle has jumped by 20% this year and is sitting at the highest point on record. Cocoa, which is used to make chocolate, has soared because of low yields in Ghana and Ivory Coast. Orange juice has also soared.
Therefore, there is a likelihood that the Federal Reserve will continue rising rates in the coming months. Besides, the UAW workers are on a major strike while a long traffic jam is happening at the Panama Canal.
Shiba Memu is thriving despite risks
The actions of the Fed risks plunging the American economy into a recession. For one, the M2 money supply in the economy has dropped by more than $2 trillion in the past few months. Delinquency rates have also jumped while mortgage rates are nearing 8%.
Still, investors are still interested in Shiba Memu, the upcoming meme coin that has some AI features. Data in its website (use this& link) shows that the token has already raised over $3.1 million from investors. This makes it one of the biggest winners this year
For starters, Shiba Memu aims to be a better version of Shiba Inu, the giant meme coin. It will do that by incorporating& AI features that will help it in self-marketing. Therefore, if it succeeds, Shiba Memu will likely become a bigger deal than other meme coins like Dogelon Mars and Pepe, which have no major utility.
The post Shiba Memu (SHMU) defies gravity as hawkish Fed jitters remain appeared first on CoinJournal.
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