Meme coins were surging on Wednesday amid a broader rally in the cryptocurrency market.

What Happened: Solana SOL/USD-based Bonk spearheaded the rally with nearly an 8% over the last 24 hours. The dog-themed cryptocurrency also saw 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, although the Relative Strength Index, used to identify overbought or oversold conditions, was still “Neutral.”

The dog-themed meme coin was followed by meme heavyweight Dogecoin which soared 5.36% to second place and reached a 10-day high of $0.17. It also saw a 43% increase in volume to $1.32 billion.

Another Solana-based canine coin dogwifhat also saw gains of 4.78% and reached levels last seen more than ten days ago.

Other popular meme coins such as Shiba Inu SHIB/USD and Official Trump TRUMP/USD also saw gains of 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. The market has contracted 25% over the last month.

The meme sector rally follows Bitcoin's BTC/USD surge past $87,000, which was furthered by dovish signals from Federal Reserve Chairman Jerome Powell after the central bank kept interest rates steady.