Memecoins saw a solid recovery on Monday as the broader cryptocurrency market rallied over the Labor Day holiday.
What happened:The charge was led by Solarium SOL/USD-token based on, dog hatwhich registered an increase of more than 12% in the last 24 hours.
The dog-themed coin became the third-biggest gainer in the cryptocurrency market on the day, with its trading volume soaring by 64%.
| Cryptocurrency | Earnings +/- | Price (Recorded at 11:30 pm EDT) |
| dog hat WIF/USD | +12.36% | $1.59 |
| Stick cat (POP) | +7.86% | $0.6059 |
| Bang BONK/USD | +7.27% | $0.00001785 |
Cat theme Stick catwhich has been the best-performing cryptocurrency on the market this year, soared by over 7%. With a market cap of close to $600 million, it was the most valuable feline-inspired meme coin at the time of writing.
Another Solana-based token, Bangrose by 7.27% in the last 24 hours. In addition, top-line tokens such as Dogecoin DOGE/USD and shiba inu SHIB/USD gained 4.88% and 3.65%, respectively.
The total memecoin market capitalization increased by 6.6% to $38.48 billion.
See also: El Salvador President Nayib Bukele says Bitcoin adoption has not been a “resounding success”: “We have never forced anyone to adopt it”
Why is it important?:The memecoin rally coincided with the broader market's impressive recovery following the weekend slump.
Bitcoin BTC/USD and Ethereum Ethereum/USD was trending upwards during the day, a day after recording sharp declines.
That said, market sentiment remained at “fear” at the time of writing. according to the Cryptocurrency Fear and Greed Index.
Image via Shutterstock
Read next:
Market news and data provided by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.