Best Crypto to Buy Now May 14 – SLOTH, DOGEVERSE, WAI
Crypto markets were in a sea of red on Tuesday in the wake of US PPI inflation data and comments from Fed Chair Jerome Powell, with investors struggling to pick which crypto to buy now.
The only top 100 crypto in the green in the past 24 hours is Pepe, which just hit record highs.
Iconic GameStop investor Roaring Kitty, a key figure in the 2021 meme stock craze, returned to social media on Monday.
And his return triggered a spike in speculative trading activity, with the likes of GME, AMC and meme coins pumping.
Aside from Pepe, that pump has now reversed for most meme coins.
Dogecoin (DOGE) and Shiba Inu (SHIB) were last down 3-5% in 24 hours, as per CoinMarketCap.
Bitcoin (BTC), meanwhile, was last down around 2% in the mid-$61,000s.
Spikes in meme coin risk appetite are often viewed as a short-term bearish sign for the broader market.
Macro strategist Otavio Costa pointed out that the latest spike in GameStop could indicate an impending spike in inflation expectations.
Meme stocks vs. inflation expectations pic.twitter.com/hLDh0zr8w2
— Otavio (Tavi) Costa (@TaviCosta) May 14, 2024
A spike in inflation expectations would presumably force the Fed to raise interest rates, as happened in 2021/2022.
That said, Fed’s Powell reiterated on Tuesday that he doesn’t expect the Fed’s next move to be a rate hike.
He added that he expected inflation to move lower again but isn’t as confident about inflation as before.
Fed’s Powell: We Did Not Expect A Smooth Road On Inflation, Must Be Patient And Let Policy Do Its Work
– We Expect Continued GDP Growth 2% Or Better, Labor Market To Continue To Rebalance But Remain Strong
– Expect Inflation To Move Down Back To Levels More Like Last Year
-…
— LiveSquawk (@LiveSquawk) May 14, 2024
His remarks come
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