Dogecoin, Shiba Inu Surge 20% as Fed Keeps Rates Unchanged

Dogecoin and Shiba Inu, two of the most prominent meme coins, have experienced a significant surge in value today. This upward trend follows recent developments on the macroeconomic front, which have provided some clarity to the market. The US Federal Reserve's decision to keep interest rates unchanged, coupled with Jerome Powell's speech after the FOMC meeting, has contributed to this bullish outlook. Powell's remarks highlighted that the US economy is in a stable position with inflation decreasing, and the only concern is the tariffs imposed by the Trump administration. These tariffs have been seen as a bullish factor for crypto assets, with investors viewing Bitcoin as a hedge against this macroeconomic event.

Last week, Bitcoin surged to as high as $97,000 amid tariff uncertainties, while Dogecoin and Shiba Inu held steady, indicating a potential surge. Following the Fed's latest decision and Powell's speech, this surge has materialized, with Bitcoin reaching as high as $99,000. This movement has also prompted a rise in Dogecoin and Shiba Inu. Additionally, the upcoming US-China trade war talks, scheduled to begin on May 10, have added to the optimism. The two largest economies have imposed significant tariffs on each other, negatively impacting the market. However, with trade talks on the horizon, there is hope that both countries could reach an agreement, which would be beneficial for the foremost meme coins and the broader crypto market.

Furthermore, US Treasury Secretary Scott Bessent has revealed that the US could soon reach trade agreements with 17 of its key trading partners. This development is considered bullish by market participants, as it will mitigate the negative impacts of Trump’s tariffs.

Crypto analyst Trader Tardigrade has suggested that Dogecoin could reach as high as $0.30 on this potential breakout. In an X post, he stated that DOGE’s daily chart appears to be forming a “Diamond Bottom” reversal pattern, indicating a potential shift for the leading meme coin from a recent downtrend to an uptrend. His accompanying chart showed that the target is $0.28, although Dogecoin could also break the psychological $0.30 price level. Crypto analyst Master Kenobi also provided a bullish outlook for the meme coin, suggesting it could finally reach the much-anticipated $1 level if BTC maintains its bullish momentum.