Memecoins experienced significant gains, with FARTCOIN, POPCAT, and MOG leading the surge. This rally coincided with a broader market upswing following President Trump's announcement of a temporary pause on his recently implemented tariff policies.

According to CoinGecko, FARTCOIN saw a remarkable 43.5% increase, reaching a 10-week high market cap of $731 million. POPCAT, KET, and MOG also performed strongly, rising by 28.6%, 26.2%, and 24.1%, respectively. Even established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) participated in the rally, gaining 9.5% and 10.5%, respectively, with PEPE also climbing 9.5%. The overall memecoin market surged 10.6% in 24 hours, boosting the total market cap to $46.8 billion.

This market rally followed President Trump's April 9th announcement on Truth Social, temporarily suspending his aggressive tariff policies for 90 days and lowering reciprocal tariffs to 10% pending further trade negotiations. While this eased some concerns, tariffs on Chinese imports did increase to 125%, maintaining tension between the U.S. and China. However, China's Commerce Minister, Wang Wentao, expressed openness to negotiations, offering some market relief. This risk-on sentiment is reflected in a ten-point increase in the Crypto Fear and Greed Index, reaching 25.

Bitcoin (BTC) also saw significant gains, surpassing $83,000 and maintaining its dominance with a 62.6% market share. Ethereum (ETH) also recovered, climbing above $1,600. The total cryptocurrency market cap increased by 5% to $2.68 trillion.

Despite the current rally, analysts generally believe a true altcoin season, characterized by sustained independent gains for altcoins and memecoins, is unlikely until Bitcoin's market dominance diminishes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.