Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Meme coins among largest gainers following crypto market recovery after lower CPI inflation data

Source Fxstreet

US CPI data showed positive feedback on inflation, causing the meme market to begin a recovery.
Top industry voices show displeasure toward meme tokens despite continued rallies.
PEPE, DOG, GME, BODEN among top gainers in the meme category.

Meme coins saw double-digit gains on Wednesday amid criticism from key crypto industry voices. Their rise follows the release of US CPI data revealing a drop in inflation, beating analysts' expectations.

Meme tokens surge following CPI report

The US Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for May on Wednesday. The CPI declined to 3.3%, lower than estimates of 3.4%.

The reduced inflation sparked fresh hopes for the US economy but also impacted the price of several meme coins. Following the announcement, many meme tokens began to see a rally.

Also read: Solana-based meme coins' outlook improves, casting shadow over Dogecoin, Shiba Inu

PEPE, DOG, GME and BODEN were among the top gainers in the meme category and showed no signs of a decline.

Runes-based DOG-To-The-Moon (DOG) and GME meme coin — unrelated to the GameStop company — have experienced the highest surge among these tokens, rising above 20%. The significant rise in GME may have resulted from GameStop's recent stock sales, which netted about $2.14 billion for the company. Following the move, short-seller Citron Research announced it is no longer short the company's stock.

BODEN follows with a 13% rise, and PEPE with a 10% rise at the time of writing.

Despite the surge across meme coins, several key voices in the crypto industry have remained unimpressed by these tokens.

Read more: Meme coins show signs of recovery following GameStop's bullish reversal

A recent X post by crypto designer OxDesigner challenged the very nature of this class of cryptocurrencies and whether it has any real value to the crypto community.

He commented on the dominance of meme coins so far and how they hold no real impact on the general crypto industry:

"Every cycle has expanded the functionality and reach of crypto:

decentralized, tamper-proof money

p2p, cross-border payments

programmable money

permissionless financial services

Digital asset ownership

These are net positives, in my opinion. But where do memecoins take us? There are no compelling visions of how they extend into or improve everyday life," stated OxDesigner.

Also read: Dogecoin, Shiba Inu on-chain metrics support price decline as meme tokens bleed

The comment also attracted the attention of Ethereum co-founder Vitalik Buterin.

* zk reputation/identity/credentials
* p2p cross-border payments (much lower fees and quickly improving UX this cycle)
* decentralized social
* prediction markets (actually usable this cycle)
* privacy
* enterprise apps via zk validiums
* zk censorship resistant voting
— vitalik.eth (@VitalikButerin) June 12, 2024

The meme coin market stood out in May, recording one of the highest gains across crypto market sectors. This was characterized by the rise of celebrity meme coins and the return of meme stock trader Roaring Kitty.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

WTI (USOIL) Is down 2.13% on Sep 22: What Is Driving the Move?WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

Author TradingKey

Sep 22, Tue

WTI (USOIL) is down 2.13% at Sep 22 05:55(ET), now at $89.999, with a 7-day down of 12.84%.What is driving WTI (USOIL)’s stock price down today?The retreat in US crude oil benchmark prices was primari

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

23 hours ago

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

23 hours ago

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

20 hours ago

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Popular Symbols