As an experienced analyst, I believe that the recent selling pressure in the crypto market, including meme coins like Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI, and PEPE, is a result of both profit-taking and a general market downturn. The unexpected decline in the U.S. PPI monthly rate to -0.2% in May, the largest drop since October 2023, could be a sign that inflation pressures are receding. However, this news has not been enough to boost investor confidence, and the market continues to experience volatility. Traders will closely monitor the market’s reaction to this data and other economic releases to determine the next price moves for these meme coins and the broader crypto market. It is essential to exercise caution and maintain a long-term perspective in this market.
Currently, the crypto market is undergoing intense selling, causing notable declines for several cryptocurrencies including Shiba Inu (SHIB), Dogecoin (WIF), FLOKI, and PEPE within the last 24 hours.
As I pen down this response, PEPE (PEPE) and Dogwifhat (WIF) have experienced a decline of 9.17% and 11.52% respectively within the last 24 hours. The value of PEPE, a coin themed around frogs, was priced at 0.00001244 according to CoinMarketCap’s latest update. Simultaneously, WIF, a meme coin built on Solana, was trading at $2.52.
Over the past 24 hours, Shiba Inu (SHIB) and Floki have experienced declines of 5% and 13.52%, respectively. Currently, FLOKI is priced at $0.0002156, while SHIB is trading at $0.00002136.
As a meme coin analyst, I’ve observed an uptick in attention towards these digital assets over the past few weeks. However, it’s important to note that the recent price decline could be attributed to various factors. Profit-taking, where investors sell their holdings at a profit, might have played a role. Additionally, a widespread market downturn may have contributed to the dip in meme coin prices as well.
In the past day, the cryptocurrency market, particularly Bitcoin, has experienced erratic price fluctuations. Initially, Bitcoin’s value increased after the Consumer Price Index (CPI) report exceeded expectations on Wednesday. However, this upward trend was short-lived following remarks made by Federal Reserve Chair Jerome Powell.
As a researcher studying the cryptocurrency market, I can share that Bitcoin and other digital assets experienced significant declines on Thursday. These losses came prior to the highly anticipated release of economic data. The data in question is expected to provide insights into the Federal Reserve’s potential future actions.
As an analyst, I’d rephrase the information as follows: In my analysis, the U.S. Producer Price Index (PPI) decreased by 0.2% month-over-month in May, marking the largest decline since October 2023. This figure was below the anticipated decrease of 0.10%, and it contrasted with a previous value of 0.50%. The annual rate for PPI stood at 2.2%, falling short of the expected 2.5% and remaining unchanged from the prior month’s reading. Additionally, the core PPI annual rate registered at 2.3% in May, surpassing the anticipated figure.
— Wu Blockchain (@WuBlockchain) June 13, 2024
The U.S. Producer Price Index (PPI) surprisingly dipped by 0.2% in May, marking the largest decrease since October 2023, contrary to the predicted increase of 0.10%, and falling from its previous level of 0.50%.
As a crypto investor, I’ve noticed that the Producer Price Index (PPI) reported an annual rate of 2.2% for the latest data release, which was lower than the anticipated 2.50%, and also a decrease from the previous value of 2.2%. Similarly, the core PPI annual rate in May came in at 2.3%, falling short of the expected 2.4%, while decreasing from its previous reading of 2.4%. These figures suggest that inflationary pressures might be easing.
In the immediate future, traders are closely monitoring the market’s response to recently unveiled data in order to determine their subsequent pricing strategies, keeping a particular eye on SHIB, PEPE, FLOKI, and WIF.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
- OP PREDICTION. OP cryptocurrency
- VIC PREDICTION. VIC cryptocurrency
- Dogecoin And Shiba Inu Fear & Greed Index Drops To Neutral, Time To Buy?
- INV PREDICTION. INV cryptocurrency
- SUPER PREDICTION. SUPER cryptocurrency
2024-06-13 18:51