Why Meme Coins Dogecoin and Shiba Inu Were Surging on Saturday
The cryptocurrency surge of the last few days extended into the weekend, with many top coins and tokens continuing their rise on Saturday. The two highest-capitalized meme cryptos, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), are both coming along for the ride. As of Saturday night, Dogecoin had risen by nearly 9% over the preceding 24 hours, while Shiba Inu was advancing by 7%.
As we've seen many times with such rallies, a rising crypto tide lifts most boats. Recent indications that inflation continues to fall have led to speculation that the Federal Reserve will slow or halt its interest rate increases. That's helping to support the prices of growth assets and speculative investments.
Cryptocurrencies generally fall into that second category, and meme coins -- as they have little practical value for much of anything -- are particularly speculative. So the ever-volatile Dogecoin and Shiba Inu are hopping right along with the bouncy market.
Source Fool.com
