The US Federal Reserve has raised interest rates once again, amid fears that the move could only add to the current financial turmoil triggered by a series of bank failures in the US and Europe.

The Federal Reserve increased its key rate by 0.25 percentage points, making it the ninth consecutive interest rate hike which lifts its key interest rate from 4.75% to 5%, up from near zero a year ago – the highest level since 2007.

While calling the banking system "sound and resilient", the Federal Reserve remained weary as it warned that fallout from the bank failures may hurt economic growth in the months ahead.

As inflationary pressures mounts in the economy, the cryptocurrency industry is being driven by market sentiment as the global market capitalization dipped by 1.49% in 24-hour trading to $1.16 trillion which has prompted a decline in Bitcoin (BTC) and several other altcoins including Polygon (MATIC) and Solana (SOL) while Dogetti (DETI) was picking up momentum in its Initial Coin Offer (ICO) with its latest bonus code.

Polygon – MATIC in Consolidation

Polygon (MATIC) has been rather back-and-forth with its price over the past week. Having posted a 7-day high of $1.25, MATIC slumped to as low as $1.09 and has since consolidated between $1.10 and $1.16.

At the time of writing, Polygon had dipped by 0.99% in overnight trading and 1.10% in weekly trading to trade at its current price of $1.13 with a market capitalization of $9.8 billion and a 24-hour trading volume of $544 million.

Solana – Weekly Rally Dented by Interest Rate Hike

Solana (SOL) was riding on a bullish rally until news of the interest rate hike by the US Federal Reserve halted SOL's momentum causing a 2.34% drop in overnight trading and putting a dent in the altcoin's 11.28% weekly upward movement.

At the time of writing, Solana was trading at $21.80 with a market capitalization of $8.3 billion and a 24-hour trading volume of $830 million.

Dogetti – The NFT-Powered Meme Token

Dogetti (DETI) is an ERC-20 token created on the Ethereum network with plans to generate long-term growth and development for its community, the "Dogetti family".

The project is a 'doge' based meme token in the cryptocurrency market, which launched its presale in early February with its buy-back protocol being the flagship feature of Dogetti, which allows for a 2% reflection on all transactions that provide a steady income stream for all DETI holders.

Dogetti is now in stage 2 of its presale with $627,209 presale tokens raised so far and will advance to stage 3 after it raises its target of $4 million worth of DETI tokens. A DETI token is currently worth $0.00029, which is a 300% jump from its stage 1 price of $0.00007 and will surge by another 900% to $0.0007 in stage 5 when the currency launches live. A DETI purchase now would mean a larger return when the project goes live.

In its latest offer for crypto users, Dogetti is currently running the presale bonus code DON50, which a buyer simply has to enter for a 50% bonus on all DETI purchases which the buyer will receive after stage 5 when the token goes live. The DON50 bonus code is a limited presale offer and could end at any given time.

DogettiNFTs, DogettiSwap and DogettiDao are features that power the DETI ecosystem as DogettiNFTs can be used to buy, sell and trade other Dogetti NFTs in exchange for fiat or crypto while DogettiSwap can be used to swap any ERC-20 token with a 2% reflection protocol on all transactions. DogettiDAO allows the DETI family to shape the project's direction and earn rewards for their participation.

The project has been audited by SolidProof, Soken, Coinsult, and Solidarity Finance and is validated as 100% secure.

Find out more about Dogetti (DETI):

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_