Meme Coins Surge On Wednesday Amidst The Broader Cryptocurrency Market Rally

output: Meme coins were on the move on Wednesday amid a broader rally in the cryptocurrency market.

What Happened: Solana SOL/USD-based Bonk spearheaded the rally with nearly an 8% surge 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 (CRYPTO: DOGE)coin surged 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 (CRYPTO: DOGWI) zoomed 4.78%, reaching levels last seen more than ten days ago.

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 TRUMP/USD 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 BTC/USD 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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