Why Meme Coins Were Soaring Today
Meme coins were having quite a moment on Friday, bolstered by market-moving news in the trailing days that has inspired a rally. While even a robust increase in prices will not convince many investors that such cryptocurrencies have value, the latest price jumps are surely making believers out of some former skeptics.
For the most part, meme coins had a fine Friday, with many prices improving at double-digit rates. The top dog in the pack, Dogecoin (CRYPTO: DOGE), was enjoying a nearly 6% rise in late-afternoon trading. Fellow dog-themed cryptos Shiba Inu (CRYPTO: SHIB) and Bonk (CRYPTO: BONK) outpaced their leader with respective 8% and sub-17% increases. Outside of the animal kingdom, Floki (CRYPTO: FLOKI) was advancing by nearly 13% on the day.
For the key factors behind the rally, we have to look across the Pacific Ocean at China. On Tuesday, the massive country's government unveiled its most recent package of economy-stimulating measures. Among many other initiatives, one part of this package might soon include the injection of financial liquidity into the nation's halting banking system. In another major move, its central bank followed this move on Friday with an interest rate cut.
Source Fool.com
