Why Is Dogecoin Soaring Today?
Dogecoin (CRYPTO: DOGE) is rising today, up 7.4% in the last 24 hours as of 2:24 p.m. ET. The jump comes as the S 500 was mostly flat and the Nasdaq Composite gained 0.5%.
Along with much of the crypto market, Dogecoin is jumping on rate cut expectations after Friday's disappointing jobs report sparked hopes that the Federal Reserve will be more aggressive in attempting to spur economic activity.
A job report released Friday showed new payrolls missed already low expectations by more than 33%. The unemployment rate rose to 4.3% from 4.2% -- though the increase was largely driven by more people entering the job market than by layoffs. Still, the weak data was enough to shift market expectations dramatically.
Source Fool.com
