The biggest stories of this week were the Federal Open Market Committee (FOMC) meeting on Wednesday followed by the US non-farm payrolls (NFP) data on Friday. These two events set the tone for what could be the next bull run in the crypto and stock market.
FOMC and US NFP data
The Federal Reserve concluded its two-day monetary policy meeting on Wednesday. And was widely expected, the bank decided to leave interest rates unchanged between 5.25% and 5.50%, the highest point in more than two decades.
In the accompanying statement, the bank left the door wide open for another rate hike in December or the first quarter of 2024. However, in the press conference, Jerome Powell hinted that the Fed could be done hiking rates.
At the same time, he noted that the bank would continue being data-dependent. In this regard, he said that the bank would focus on jobs and inflation numbers that will come out before the December meeting.
The NFP data published on Friday revealed that the job market was easing. The economy added over 150k jobs during the month while the unemployment rate rose slightly to 3.9%. Also, the labor participation rate dropped slightly.
Therefore, analysts believe that the Federal Reserve is now done hiking interest rates. This explains why American equities had one of their best weeks in months. The US dollar index and bond yields dropped to the lowest points since September.
Shiba Memu could benefit
All this could benefit Shiba Memu and other cryptocurrencies. Indeed, Bitcoin has jumped to the highest point in more than a year while the total market cap of all coins has soared to over $1.3 trillion.
For starters, Shiba Memu is an upcoming meme coin that aims to take advantage of the popularity of cryptocurrencies and artificial intelligence (AI). While the AI hype is falling, there were two important events this week.
Palantir Technologies published strong financial results and forward guidance, which it attributed to the AI demand. At the same time, Microsoft launched Copilot for Enterprise companies.
Shiba Memu aims to become a better meme coin than the other popular ones like Floki, Dogelon Mars, and Shiba Inu by having a full ecosystem. For example, its advanced AI technology will help to automate its marketing process.
All this explains why Shiba Memu is gaining popularity. The developers have already raised over $4.3…