Memecoins staged a strong recovery on Monday, August 28, 2023, as the broader cryptocurrency market rallied on the Labor Day holiday. The surge was spearheaded by Solana-based token, Dogwifhat, which saw a remarkable increase of over 12% in the last 24 hours. This dog-themed coin emerged as the third-largest gainer in the cryptocurrency market for the day, with its trading volume skyrocketing by 64%.
The cat-themed memecoin, Popcat, which has been the market’s top performer this year, surged over 7%. With a market capitalization approaching $600 million, it currently holds the title of the most valuable feline-inspired meme currency.
Another Solana-based token, Bonk, also experienced a positive uptick, gaining 7.27% in the last 24 hours. Notably, blue-chip tokens like Dogecoin and Shiba Inu also registered gains, increasing by 4.88% and 3.65%, respectively. The collective market capitalization of memecoins surged by 6.6% to $38.48 billion.
The memecoin rally coincided with the broader market’s impressive recovery from the weekend’s decline. Bitcoin and Ethereum both trended upwards during the day, following steep falls the day before. Despite this positive development, market sentiment remained in “Fear” as of Monday evening, according to the Cryptocurrency Fear & Greed Index.
This uptick in memecoin value follows a period of volatility in the cryptocurrency market. It’s important to note that memecoins are highly speculative assets, and their value can fluctuate dramatically. Investors should always exercise caution and conduct thorough research before investing in any cryptocurrency, including memecoins.
