While the markets thought they were breathing a sigh of relief, things took an unexpected turn once again. CryptocurrencyStocks fell unexpectedly, and the decline was sharper than expected. The important names of the altcoin world, especially Bitcoin and Ethereum, Shiba Inu (SHIB) and Dogecoin (DOGE) also fell. The drop in meme coins is in double digits.
The market drop was most likely in conjunction with the FOMC (Federal Open Market Committee) minutes of the July meeting released on Wednesday. FOMC minutes reveal that the US central bank is unlikely to cut rate hikes until inflation subsides.
Shiba Inu (SHIB): After completing the inverted head and shoulders pattern, the popular dog-themed meme was preparing for the coin’s upward move. Senior trader Peter Brand also shared a similar forecast. But for now, the situation seems to be the opposite. The Shiba Inu is down 12.9% in the last 24 hours after witnessing huge gains over the previous weekend. However, the token is up 5.2% on the 7-day chart and 9.1% on the 14-day chart.
Dogecoin (DOGE): The pioneer meme coin has managed to follow the rise of the Shiba Inu. DOGE has seen gains this week, up 25%, outperforming its two bigs, BTC and ETH. Also, this rise had nothing to do with outside support from Elon Musk, which is common. However, all that seems to be over, at least for now. The famous cryptocurrency has lost 13.5% in the last 24 hours.
Ripple (XRP): Like Dogecoin and Shiba Inu, XRP has been in the news regarding the SEC and the Ripple lawsuit. The token was moving in a more or less horizontal trajectory, except for the rise at the end of July. However, the ticket has dropped 7.4% in the last 24 hours. The token continues to show red color for almost every time frame.
Binance Coin (BNB): BNB, the token of the world’s most popular and largest crypto exchange, could not escape the drops this morning. BNB has lost 8.1% in the last 24 hours. Moreover, the token has dropped 3% in just the last hour.
Although the USA announced a relaxation in the CPI figures in July, banks did not cut their interest rates. Experts expect UK inflation to peak in October and the US could see further declines in CPI data by then.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.