Wednesday’s weaker-than-forecasted Producer Price Index print has added further pressure on the Federal Reserve to cut its target rate, perhaps in the July FOMC meeting itself.
This is a decidedly bullish scenario for risk assets, and crypto prices are already soaring. The Bitcoin price has climbed back above $119,000, but the altcoins are in the spotlight.
The Ethereum price is up by more than 7% on the day, trading above $3,200 at press time.
Ethereum ecosystem coins are also showing significant bullish strength, with Ethereum Name Service (ENS) posting the second-highest gains of any top 100 cryptocurrency, 20%. Floki, Mog Coin and Arbitrum are also showing double-digit gains.
Meanwhile, Solana meme coins are also in high demand. SPX6900 has hit a new all-time high, up by 22% on the day. Bonk, Official Trump, PUMP and Dogwifhat are among the top gainers today as well.
Weak PPI Print Adds Pressure On Fed To Cut Rates
Wednesday’s soft PPI data gives further credence to those, including US President Donald Trump, who believe that the US Federal target rate is far too high.
Headline producer prices rose just 2.3% year-over-year in June, below the 2.5% forecast, while core PPI eased to 2.6% versus expectations of 2.7%.
Notably, the Producer Price Index excludes import prices, meaning it doesn’t fully capture the inflationary impact of President Trump’s tariff policies.
However, Tuesday’s Consumer Price Index, particularly the soft core CPI print, also pointed to easing inflationary pressures, strengthening the case for rate cuts.
The CME FedWatch continues to indicate two rate cuts this year, one in September and another in December.
However, with rumours swirling about President Trump potentially firing Fed Chair Jerome Powell, and inflation data continuing to ease, the central bank may feel pressured to consider a rate cut as early as July.
Crypto Prices Pump, Solana Meme Coins and Ethereum Tokens Among The Top Gainers
Crypto prices are on the move once again. After falling below $116,000 momentarily on Tuesday, the Bitcoin price is back above $119,000 at press time.
However, Ethereum is now firmly in the driver’s seat, trading at $3,250 at press time, up by nearly 7% over the past 24 hours.
Unsurprisingly, other coins in the Ethereum ecosystem are showing significant bullish strength, with Ethereum Name Service, Floki and Mog Coin leading the charge.
Sidelined investors should keep an eye out for Pepe, which is very close to securing a daily close above a key resistance level.
Solana meme coins are back in the spotlight as well. SPX6900 has hit a new all-time high after a 20% increase on Wednesday.
However, Bonk could be the best Solana meme coin to buy now as it is just hours away from securing a daily close above the $0.00003245 resistance.
Low-Cap Meme Coins Also In High Demand
Bull market euphoria is making a comeback now that June’s inflation data is out of the way.
Mid-caps like Moo Deng and Useless Coin are poised for explosive rallies, while low-cap presale tokens are also in high demand.
For instance, a new meme coin, TOKEN6900 (T6900), is branding itself as the next and improved SPX6900. Its presale has already raised nearly $600k in its ICO, signalling strong demand and high upside potential.
The project offers 80 percent of its total supply in the public presale, with no tokens allocated to private sales or venture capital.
Its messaging is intentionally self-aware, positioning itself as a no-utility meme coin focused on internet culture and community-driven hype. The whitepaper describes the token as a “consciousness parasite” and emphasizes that it “tracks vibe liquidity,” rather than fundamentals. This may well be the winning formula, as evident by the success of coins like Fartcoin, SPX6900 and Useless Coin.
Backed by audited smart contracts and a staking mechanism designed to reward early participants, TOKEN6900 is capturing the attention of retail investors looking for high-risk, high-reward plays in the current meme coin cycle.
Unsurprisingly, smart money investors and whales are taking notice, with many calling T6900 the next 100x crypto.
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