Shiba Inu has rallied 20% in the past day. Monetary policy in China has eased dramatically. “There is a lot of demand in this market,” said the crypto CIO.
The crypto industry's biggest market movers are tokens named after dogs and a frog meme.
Memecoins such as Floki, Shiba Inu, Bonk and Pepe saw double digit gains overnight. CoinGecko.
The larger and more liquid $17 billion Dogecoin is up nearly 8% in the past day.
As former Deutsche Bank trader and BitMEX founder Arthur Hayes said. “Let the good times roll.”
As monetary policy loosens around the world comes a growing appetite for riskier bets, even beyond cryptocurrencies such as Bitcoin and Ethereum.
Last week, the Federal Reserve cut rates by half a percentage point. This is the biggest cut since March 2020 when Covid rocked financial markets.
China also followed the same path on Tuesday. Officials in Beijing have unveiled monetary measures, including rate cuts, cash handouts and plans to issue $284 billion worth of bonds.
The massive stimulus package is aimed at helping the world's second largest economy meet its 5% growth target this year.
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David Tepper, billionaire hedge fund manager, Said He is buying “everything” related to China.
The S&P 500 index is up 2.4% since the start of rate cuts in the US. The Nasdaq rose 3.5% during the same period.
According to CoinGecko, Bitcoin and Ethereum rallied 10% and 15% respectively.
“People wanted an excuse to buy and China gave them an excuse” Said Matt Haugan, CIO of crypto asset management firm Bitwise.
“There's a lot of demand in this market.”
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