Cryptocurrency markets plunged into a sea of red on Tuesday following US PPI inflation statistics and comments from Federal Reserve Chairman Jerome Powell, with investors struggling to choose which cryptocurrencies to buy right now.
Pepe is the only cryptocurrency to rank in the top 100 in the past 24 hours, having just hit an all-time high.
Roaring Kitty, the iconic GameStop investor at the center of the 2021 meme stock boom, returned to social media on Monday.
And his return sparked a surge in speculative trading activity on GME, AMC, meme coins, and more.
With the exception of Pepe, that pump has now reversed for most meme coins.
Dogecoin (DOGE) and Shiba Inu (SHIB) were last down 3-5% in 24 hours, according to CoinMarketCap.
Meanwhile, Bitcoin (BTC) was last seen down about 2% in the mid-$61,000 range.
A surge in memecoin risk appetite is often seen as a sign of short-term weakness in the overall market.
A sharp rise in inflation expectations
Macro strategist Otavio Costa said GameStop's recent surge could indicate a spike in inflation expectations.
Meme stocks and inflation expectations pic.twitter.com/hLDh0zr8w2
— Otavio (Tavi) Costa (@TaviCosta) May 14, 2024
If inflation expectations spike, as happened in 2021/2022, the Fed will likely be forced to raise rates.
Still, Fed Chairman Jerome Powell reiterated Tuesday that he does not expect the Fed's next action to be to raise interest rates.
He expects inflation to fall again, but added that he is not as confident about the rate as before.
Fed Chairman Jerome Powell: “We didn't expect inflation to go smoothly. We have to be patient and make policy work.''
– We expect GDP growth to continue above 2%, and we expect the labor market to remain strong despite continued rebalancing.
– Expect inflation to return to last year’s levels
-…— LiveSquawk (@LiveSquawk) May 14, 2024
His remarks came after the release of higher-than-expected PPI data and one day before the release of CPI data.
Chairman Powell's comments and the latest PPI data appear to have weighed on overall market sentiment.
❖ US PPI (MOM) (April) Actual: 0.5% VS previous 0.2%. EST 0.3%
❖ US PPI (YoY) (April) Actual: 2.2% VS previous 2.1%. EST 2.2%
❖ US Core PPI (MOM) (April) Actual: 0.5% VS previous 0.2%. EST 0.2%
❖ US Core PPI (YoY) (April) Actual: 2.4% vs. previous year 2.4%; EST 2.4%
— *Walter Bloomberg (@DeItaone) May 14, 2024
Bitcoin is still trading well within its recent range, but Ether (ETH) is threatening to break below the $2,850 support.
With so many cryptocurrencies in the red, investors may be struggling to find the best cryptocurrencies to buy today. Here are some candidates that CryptoNews analysts are big fans of.
Best cryptocurrencies to buy today
Slotana (SLOTH)
The new Solana meme coin, Slothana (SLOTH), has seen a significant increase in price since its launch earlier this month. The sloth-themed meme coin has climbed an astounding 550% since May 1st and has a market cap approaching $90 million.
🚀🦥 It's Lambo time $ sloth community!Let's look back on the last 7 days $ Sloth Advance purchasers earn 300% profit. 📈
💥100 meters $ Sloth Tokens burned, 5% of total supply and $3 million
🔒 Secure liquidity with Streamflow Finance
🔄 Multiple organic listings… pic.twitter.com/1PyFCzzSSW— Slothana (@SlothanaCoin) May 13, 2024
Slothana's target is its predecessor Slerf (SLERF), another sloth-themed meme coin that once boasted a market capitalization of nearly $500 million but has since declined to $127 million. is to usurp the throne.
With the resurgence of interest in meme coins, Slotana, which has the potential to become a multi-billion dollar asset, is attracting people looking for the best cryptocurrencies to buy today.
DOGEVERSE
Dogeverse is a new meme coin with unique cross-chain features that is causing a lot of excitement in the market. Dogeverse aims to be a multi-chain equivalent to the original meme coin, Dogecoin, and will be launched on six of his most popular blockchains (excluding Bitcoin).
Why limit yourself to one when you can have them all? $DOGEVERSE starts in a safe place #Ethereum Build your network and ensure robust security and reliability. 🛡️💻
🔥 Close the gap between #cryptocurrency Enhancing fluidity, utility, and fun across the entire ecosystem. #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
Recognizing the intense competition among blockchains to become the leading platform for meme coin launches, Dogeverse differentiates itself by establishing a presence on all major chains. Its cross-chain bridge function further enhances its appeal, making it a “Doge with superpowers.”
Currently in pre-sale, Dogeverse has raised over $15 million, establishing itself as a strong contender for the best crypto to buy right now. Interested investors are encouraged to act quickly before the official launch.
Visit Dogeverse here
Wiener AI (WAI)
Wiener AI (WAI), a new meme coin currently on pre-sale, offers another option for those looking for the best cryptocurrency to buy right now. The sausage dog-themed coin offers a set of AI-powered trading tools and has already raised more than $1.8 million in pre-sale.
congratulations!
Weenies are being bet and stacked in record time!
Get it here: https://t.co/k7IFimoTWr
🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖🌭🤖 pic.twitter.com/WCVGZRODer
— WienerAI (@WienerDogAI) May 11, 2024
Priced at $0.000707, WAI currently boasts a market cap of less than $50 million. If it can achieve market leadership, early investors could reap significant profits, with returns of more than 100x possible.
According to the project’s official website, 20% of the token supply is allocated to staking rewards, with investors currently enjoying an impressive APY of 566%.
Click here to purchase WAI
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.