Why Dogecoin Surged Today
Key Points
Dogecoin rose in Tuesday's trading in response to new macroeconomic data.
The Federal Reserve Bank of Cleveland published a report showing that more than 39,000 employees had been served layoff notices in October.
A rise in layoffs could cause the Federal Reserve to be more inclined to vote to cut rates next month.
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Dogecoin (CRYPTO: DOGE) has been moving higher in Tuesday's trading. The cryptocurrency was up 6.1% over the previous 24 hours as of 9 p.m. ET.
After big sell-offs yesterday, Dogecoin has been surging today in response to some new macroeconomic data. With today's big rebound, the meme coin has cut its valuation slide over the last week of trading to 6.8%.
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Dogecoin rises on new layoffs data
The Federal Reserve Bank of Cleveland published a new report today showing that 39,006 U.S. workers across 21 states received a Worker Adjustment Retraining Notification Act (WARN) notifying them of an upcoming layoff. While news of rising layoffs is a concerning indicator for the broader economy, a weakening jobs market increases the likelihood that the Federal Reserve will cut interest rates next month in order to bolster economic activity.
What comes next for Dogecoin?
The Federal Open Market Committee (FOMC) will meet on Dec. 9 and Dec. 10, and the 12-member Fed committee will vote on whether or not to cut interest rates again this year. Following the new WARN report from the Federal Bank of Cleveland, the estimated probability of a rate cut surveyed by CME Group ticked up to 53.4% -- up from its previous reading of 46.6%. A reduction of interest rates would likely be a positive catalyst for Dogecoin and other cryptocurrencies, but other macroeconomic factors and valuation dynamics will also continue to play a role shaping the popular meme coin's token price.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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