Does This Crypto Rally Have Legs? Dogecoin, Shiba Inu, Cardano All Rocket Higher Today
The positive momentum in the cryptocurrency space we've seen to start this week is showing no signs of slowing. As sentiment related to the broader market continues to take a bullish tone, investors are seeing some impressive intraday moves in popular tokens. This is evidenced by today's 24-hour moves in meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which surged 6.6% and 5.6%, respectively, over the past 24 hours as of 12:20 p.m. ET. Cardano (CRYPTO: ADA) also saw an impressive move higher, gaining 4.4% over the same period.
These moves appear to be driven by a changing narrative in the crypto sector. Yes, all the same headwinds continue to plague digital currencies right now. The Federal Reserve still appears to be looking to aggressively quash inflation and shrink the money supply. For investors, higher-risk assets are vulnerable to devaluation in such an environment.
However, the recent announcement that the highly anticipated Ethereum merge has a tentative date of Sept. 19 in place has provided investors with something positive to look forward to. With that and moves by other networks such as Cardano, which is undertaking its own Vasil hard fork upgrade, optimism around key upcoming catalysts appears to be drowning out the rather loud negative catalysts that have reigned supreme this year.
Source Fool.com
