From Massive Buys to Surging Addresses: Dogecoin's On-Chain Data Signals a Potent Bullish Brew, Leaving Investors Wondering if the Canine is Ready to Unleash a New All-Time High

Dogecoin (DOGE), the memecoin that transformed from a whimsical internet joke into a formidable crypto asset, is once again capturing the spotlight

Crypto traders are adopting a wait-and-see attitude today, anticipating the Federal Reserve's interest rate decision, which is due to be announced at 13:00 GMT.

The central bank is widely expected to raise rates by 25 basis points, but the focus will be on the tone of the statement and any hints about future rate hikes.

A hawkish surprise could push stock futures higher in the early hours of Thursday. Both Dow futures and S&P 500 futures rose by 0.3%, while Nasdaq futures advanced by 0.2%.

The minutes of the March 14-15 meeting of the Federal Open Market Committee (FOMC) will also be released at 19:00 GMT. These minutes could provide further insights into the Fed's thinking on inflation and the economy.

The Fed's decision and the minutes will be closely watched by investors, as they could have implications for the stock market and the broader economy.

In other economic news, jobless claims will be released at 12:30 GMT. Economists polled by Dow Jones anticipate claims to rise to 700,000 from the previous week's reading of 665,000.

The latest figures from the Labor Department showed that claims for unemployment benefits in the week ending April 1 rose to 665,000, the highest level since mid-December, as surging coronavirus cases forced some state governments to close unemployment offices.

At 15:00 GMT, the Philadelphia Fed's manufacturing index for April is set to be released. Economists project a reading of 15, up from March's score of 12.

Investors will also be keeping an eye on any developments related to the Covid-19 pandemic and the global economic recovery.

The stock market experienced a strong rally in 2020, with the S&P 500 stock index more than doubling from its March 2020 low. However, market volatility remains high, and investors are still navigating the uncertain economic landscape.

As the market awaits the Fed's interest rate decision and other economic indicators, traders are expected to remain cautious and adjust their positions accordingly.