Is The Uptober Bull Run Starting? AI Cryptos Jump 8%, Meme Coins Surge 7% As ETH And SOL Soar

An
Uptober
bull
run
seems
to
have
started
early,
driven
by
a
surge
across
AI
cryptos,
meme
coins,
and
major
tokens
like
Solana
(SOL)
and
Ethereum
(ETH)
after
the
Federal
Reserve
slashed
interest
rates
by
50
basis
points
on
Sept.
18.

AI
cryptos
soared
more
than
8%
in
the
last
24
hours,
while
the

meme
coin
sector
surged
7%,
according
to
CoinGecko.
At
the
same
time,
layer-1
tokens

SOL
and

ETH
climbed
8%
and
5%,
respectively,
signaling
growing
momentum
across
the
crypto
market.

Altogether,
the
crypto
market
cap
climbed
2.7%
to
$2.21
trillion,
according
to
CoinMarketCap.

Easing
Monetary
Policy
Gives
Uptober
Bull
Run
An
Early
Start

The
surge
in
prices
across
the
crypto
market
follows
the
Federal
Reserve
Bank’s
first
interest
rate
cut
in
more
than
four
years
on
Wednesday.
In
2022,
interest
rates
were
bumped
up
to
a
23-year
high
as
a
result
of
surging
inflation
triggered
by
supply
chain
bottlenecks
caused
by
the
Covid
pandemic
and
Russian’s
invasion
of
Ukraine.

Investors
subsequently
reduced
their
exposure
to
risky
asset
classes,
including
cryptos.

The
recent
reduction
in
interest


rates

has
made
it
cheaper
for
investors
to
borrow
money,
helping
to
buoy
market
sentiment
around
as
confidence
grows
in
the
Fed’s
ability
to
steer
the
US
economy
in
for
a
soft
landing. 

HEHE,
PUPS
And
DEGEN
Lead
The
Meme
Coin
Market

Hehe
(HEHE),
PUPS•WORLD•PEACE
(PUPS)
and
Degen
(DEGEN)
led


meme
coin

gainerss.
HEHE
pumped
over
76%
in
the
last
24
hours,
while
PUPS
and
DEGEN
surged
more
than
43%
and
38%,
respectively.

HEHE
and
DEGEN
added
to
their
weekly
performances,
while
PUPS
was
able
to
push
its
performance
over
the
last
7
days
back
into
the
green.
HEHE
posted
the
third
biggest
gain
during
this
period,
and
is
up
more
than
248%.

Pepe
Unchained
—
Groundbreaking
Layer
2
Blockchain
technology.

Welcome
to
the
future
of
meme
coins.
????

pic.twitter.com/iC9b6YSynT

—
Pepe
Unchained
(@pepe_unchained)

September
6,
2024

Meme
coins
trading
on
the
open
market
are
not
the
only
tokens
to
get
a
boost.
The
layer-2
PEPE
derivative


Pepe
Unchained
(PEPU)

has
just
blasted
past
$14
million
raised
in
its
presale
after
adding
more
than
$1.4
million
in
just
two
days.

The
token
aims
to
challenge
the
OG
meme
coin
PEPE,
and
got
a
boost
on
Wednesday
when
it
announced
that
it
will
open
grant
applications
in
the
next
quarter
for
developers
that
want
to
build
on
its
proprietary
Layer
2
blockchain.

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