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Altcoins are starting to rise, with Dogecoin leading the weekend rally among the top ten altcoins, following muted price movements last week from Bitcoin.
Dogecoin is currently trading at $0.22 following a 5.1% jump in the past 24 hours. TRON has a modest gain of 2.4% while XRP is up 2% in the same period, CoinGecko data shows.
The crypto markets, including Dogecoin and TRON, are up after an “overreaction” to Friday’s U.S. unemployment numbers, Stephen Gregory, founder of crypto trading platform Vtrader, told Decrypt, who believes that an “alt-season is brewing” despite the recent sell-off.
While the macroeconomic outlook was a main driver and set the tone for both the crypto and equity markets' sentiment on Friday, the announcement of a Dogecoin exchange-traded fund by REX Shares, an ETF provider, has helped the seminal meme coin’s weekend surge.
Referring to the Dogecoin ETF news, Nate Geraci, President of NovaDius Wealth Management, said, “I think we’re in for wild next 2 months for crypto ETFs,” in a Sunday tweet.
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TRON, on the other hand, is up as Justin Sun’s stunt with the WLFI token, said Gregory. “This got a lot of headlines and ignited some passion in the degen base of crypto,” he added.
Sun made headlines on Friday after the Trump family’s World Liberty Financial DeFi project blacklisted his wallet for testing exchange deposits.
With September rate cut odds above 90% and “retail engaged,” Gregory believes the third quarter’s historically bearish performance could be a “fun setup” into the year-end.
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While the fourth quarter is expected to be bullish according to many analysts, the short-term outlook remains uncertain due to the tentative macroeconomic conditions.
The Fed is in a tight spot, as its dual mandate of both price stability and maximum employment is conflicting after Friday’s weak jobs data and core inflation hovering above 3%, as Decrypt previously reported.
