Why Did Dogecoin (DOGE) Jump Today?
Dogecoin (CRYPTO: DOGE) soared on Friday. The coin saw its value jump 7.8% in the last 24 hours as of 4:35 p.m. The move comes as the S 500 (SNPINDEX: ^GSPC) was little changed and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.4%.
Dogecoin and much of the crypto market are seeing green as investors anticipate lower interest rates, and two high-profile crypto-related initial public offerings (IPOs) make a splash.
This week saw the last data released that the Federal Reserve will use to make its decision next week. While inflation is still hotter than the Fed would like, the central bank will likely cut rates as the job market shows significant weakness. Lower interest rates tend to lift higher-risk assets like Dogecoin.
Source Fool.com
