WIF, PEPE, and SEI were among the top performing altcoins as Bitcoin surged to above $63,800 on Sept. 19. These gains followed the US Federal Reserve’s 0.5% interest rate cut. An analyst predicts that WIF could outpace the market in the coming weeks.
Meme coins Dogwifhat (WIF) and Pepe (PEPE), as well as layer 1 blockchain Sei (SEI), experienced significant gains in the past 24 hours as several altcoins saw their best performances in a while.
SEI was up by 19%, WIF by 17%, and PEPE by 12% as the crypto market rose amidst Bitcoin’s surge to above $63,000 on Thursday.
According to data from CoinGecko, SEI’s price reached highs of $0.35 as its volume jumped by 224% to over $345 million. Meanwhile, WIF traded at $1.81 across major exchanges, with an intraday volume of over $717 million and a 24-hour increase of 109% at the time of writing.
Popcat (POPCAT), which has been rallying since Kraken announced spot trading support, continued to outpace all other top 100 coins by market cap. However, meme coin Pepe also recorded decent gains to rank among the best performers of the day. PEPE’s price jumped by more than 12% to reach levels last seen on Aug. 28.
According to crypto analyst RookieXBT, Dogwifhat’s price has the potential to recover from its recent downtrend within weeks. Additionally, the analyst sees further gains for POPCAT.
$WIF going to erase six months worth of downtrend in 2-3 weeks but you wouldn’t believe it$POPCAT will reprice further and become the 5th largest meme but you wouldn’t believe it
believe in something
— RookieXBT 🧲 (@RookieXBT) September 19, 2024
Crypto Spikes after Fed Interest Rate Cut
Most of the coins that saw significant gains in the past 24 hours responded positively to the US Federal Reserve’s interest rate cut on Sept. 18. After four years, the Fed reduced interest rates by 50 basis points on Wednesday.
Bitcoin’s price surged after the decision, breaking above $60k and boosting overall market sentiment. Prices retested resistance around $62.2k before a slight dip, then rose above $63.8k.
Solana (SOL) broke above $143 with over 10% gains, while altcoins like Sui, Aptos, Bittensor, and Avalanche recorded gains of more than 12% each.
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Conclusion:
As the crypto market continues to ride the wave of Bitcoin’s surge and the Federal Reserve’s interest rate cut, altcoins like WIF, PEPE, and SEI are shining bright. With promising forecasts from analysts and positive market reactions, the future looks promising for these meme coins and blockchain projects. Stay tuned for more exciting developments in the world of cryptocurrency and blockchain technology!
