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Memecoins staged a robust recovery on Monday as the broader cryptocurrency market rallied on the Labor Day holiday.
What happened: The charge was led by Solana (CRYPTO: SOL)-based token, dogwifhat, which recorded a spike of over 12% in the last 24 hours.
The dog-themed coin became the cryptocurrency market's third-largest gainer of the day, with its trading volume shooting 64%.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:30 p.m. EDT) |
| dogwifhat (CRYPTO: WIF) | +12.36% | $1.59 |
| Popcat (POP) | +7.86% | $0.6059 |
| Bonk (CRYPTO: BONK) | +7.27% | $0.00001785 |
Cat-themed Popcat, which has been the market's best-performing cryptocurrency this year, soared over 7%. With a market capitalization nearing $600 million, it was the most valued feline-inspired meme currency as of this writing.
Yet another Solana-based token, Bonk, lifted 7.27% in the last 24 hours. Additionally, blue-chip tokens like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) gained 4.88% and 3.65%, respectively.
The total memecoin market capitalization rose 6.6% to $38.48 billion.
Why It Matters: The memecoin rally coincided with the broader market’s impressive comeback from the weekend’s fall.
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) trended upwards during the day, a day after registering steep falls.
That said, market sentiment remained in “Fear” as of this writing, according to the Cryptocurrency Fear & Greed Index.
Image via Shutterstock
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