Why Meme and Utility Cryptocurrencies Stumbled This Week
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Meme and utility cryptocurrencies experienced a decline this week. Shiba Inu (SHIB) and DOT both saw a decline of over 12%, while AVAX and APT fell by 14% and 21% respectively. The decline in these coins followed the price trajectory of Bitcoin, which also traded notably down during the week. The decline can be attributed to comments from Federal Reserve officials expressing hesitation about interest rate cuts. Investors sought safer investments such as bonds and precious metals, with the yield on the 10-year bond rising by more than 9 basis points and precious metals seeing a 5% gain over the week. However, it is expected that the growth train will restart soon as rate cuts are likely to come if the U.S. economy continues to perform well. Cryptocurrencies are seen as a more dynamic and exciting asset class compared to precious metals and bonds, so investors may return to coins and tokens in the near future.



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