But the Fed’s super-sized rate cut last week, and signals of more cuts to come, are also powering a surge in crypto broadly, from the Moo Dengs to the more mainstream bitcoin and ethereum, as looser monetary policy tends to benefit high-risk assets like crypto. Bitcoin, the most popular crypto token, is up about 14% over the past week.

Moo Deng, who charmed the internet with her knee biting and lettuce gobbling, has (predictably) had her image appropriated for a memecoin. And, true to form, pop culture addicts and crypto speculators have driven that memecoin’s price up—a lot.