Meme coins surged on Wednesday amid the broader rally in the cryptocurrency market.
What Happened: Solana (CRYPTO: SOL)-based Bonk spearheaded the rally with nearly an 8% jump over the last 24 hours.
The dog-themed cryptocurrency recorded a 140% jump in trading volume, indicating significant buying pressure.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Buy" signal for Bonk as of this writing, according to TradingView, although the Relative Strength Index, used to identify overbought or oversold conditions, was still “Neutral.”
Meme heavyweight Dogecoin soared 5.36% to second place, reaching a 10-day high of $0.17. It registered a 43% increase in volume to $1.32 billion.
Another Solana-based canine coin dogwifhat zoomed 4.78%, reaching levels last seen more than ten days ago.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:45 p.m. ET) |
| Bonk (CRYPTO: BONK) | +7.92% | $0.00001170 |
| Dogecoin (CRYPTO: DOGE) | +5.36% | $0.1766 |
| dogwifhat (CRYPTO: WIF) | +4.78% | $0.5049 |
See Also: Cathie Wood Believes Most Memecoins Will Face ‘Fearsome Declines,’ But They Could End Up Becoming Collector’s Items
Other popular meme coins such as Shiba Inu (CRYPTO: SHIB) and Official Trump (CRYPTO: TRUMP) also gained momentum, rising 3.14% and 3.69%, respectively.
The total market capitalization of meme coins jumped 4.59% in the last 24 hours to over $50 billion, while trading volume increased 22.43% to $6 billion. That said, the market has contracted 25% over the last month.
The meme sector rally followed Bitcoin's (CRYPTO: BTC) surge past $87,000, boosted by dovish signals from Federal Reserve Chairman Jerome Powell after the central bank kept interest rates steady.
Image via Shutterstock
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