China-friendly NEO and VeChain surge as Chinese media pushes blockchain

While the rest of the market remains largely stagnant, NEO and VeChain (VET) are experiencing meteoric growth—gaining over 10% and 13% respectively in the last 24 hours.

NEO currently sits at $11.95, having climbed from $10.69 yesterday, whereas VeChain has climbed back to $0.0063 following more than two-weeks of near-constant growth. NEO has now reclaimed the significant losses it incurred in the last week, whereas VeChain reached a 3-month high earlier today.

Late last month, Decrypt reported that President Xi Jinping would be looking to position China as the global frontrunner in the blockchain race. Since then, the country has announced numerous blockchain initiatives, prompting Binance to consider opening up a new office in Beijing. Chinese state media has also jumped on board the blockchain train, with the People’s Daily publishing an op-ed describing blockchain as “a breaking point for China to overtake,” and state news outlet Xinhua putting Bitcoin on its front…