SPONSORED POST*
In the last fortnight, trust over the traditional financial system has intensified. But this ebbed away as the global market hoped for the US Federal Reserve’s decision to halt rate hike — or give a dovish comment — Wednesday afternoon EST. Nevertheless, raging fear of a sequel of the 2008 financial crisis persisted after the central bank confirmed its decision to raise the interest rate by 25 basis points.
Following the Fed’s rate hike news, major cryptocurrencies like Polygon and XRP trade in the red. Dogetti, the pre-released top dog that will dominate the meme space, seems unfazed as it continues to offer an extra 50% for its family. Let’s talk more about all this below.
Summary
The FOMC Decision and Ramifications
The Federal Reserve voted to increase the Interest Rate on Reserve Balances (IORB) by 25 basis points (bps) on Wednesday during the Federal Open Market Committee (FOMC) meeting. This rate, which is at around 4.75% to 5.00%, is now its tallest rise in over a decade.
Shortly after interest rate hike confirmation from the Fed, other countries, specifically in the Gulf region, followed suit.
Although intending to implement minor increases due to the greenback-pegging rule, Qatar and Saudi Arabia are raising their interest rates to protect their currencies’ peg against the US dollar. Consecutively, Khaleej Times reports that the Central Bank of the UAE (CBUAE) has agreed to increase the Overnight Deposit Facility (ODF) base rate by 25 basis points — ranges from 4.65% to 4.90%.
Bloomberg also wrote that the Bank of England (BOE) is likely to raise interest rates again — despite just increasing interest rates before the end of 2022. Several economists and investors foresee that policymakers will raise the benchmark lending rate a quarter point to 4.25%.
Polygon and XRP See Red
Cryptocurrencies traded in red immediately after the Fed’s interest rate hike announcement. Polygon and XRP sank by 1.74% and 1.26% respectively.
Polygon was seeing red on Thursday morning with a $1.12 trading price and a $9.81 billion market cap. Meanwhile, XRP had a trading price of $0.45 and a market cap of $23.05 billion. Nevertheless, these dips are minor ones, and there are still huge chances to bounce back in the days to come.
Dogetti Unfazed — Dropped DON50 for a 50% Bonus!
Dogetti, a cryptocurrency token with a dog and mafia motif, recently saw success in the presale market. The DETI currency has proven effective in its goal of creating a strong society where wealth can be passed down to family members (Dogetti community).
Dogetti was only released in early 2023, yet it is having the desired effect on its target market. The second phase of DETI’s pre-sale campaign saw the sale of 7.59 billion DETI tokens, shocking the cryptocurrency industry and raising $627,052 in the process. This future top dog has even released the newest DON50. Token holders get a guaranteed 50% additional DETI for every purchase using the code ‘DON50’!
Investors and traders of meme coins have been drawn to DETI because of its alluring trademarks. Dogetti’s Dogetti DAO, NFT collecting, NFT breeding mechanism, and more are among its forthcoming innovations.
Dogetti Can Help Diversify Your Assets
The Dogetti family will boost your investment and keep it safe at the same time. Tap the links to learn more about Dogetti:
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_
*This article was paid for Cryptonomist did not write the article or test the platform.
