Memecoins on the Solana (CRYPTO: SOL) blockchain rallied sharply on Thursday as the broader cryptocurrency regained momentum following the Federal Reserve's aggressive rate cut.
What happened: Canine-inspired token dogwifhat popped 6.55% in the last 24 hours, emerging as the market's biggest gainer among memecoins exceeding billion-dollar valuation. The coin's trading volume jumped 18.56% to $424 million.
Another dog-themed coin Bonk recorded gains of more than 6%, with trading volume more than doubling to $152 million.
Additionally, cat-themed cryptocurrency Popcat lifted 4.74%, extending its gravity-defying rally this year. The token was up an astounding 11130% year-to-date.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:45 p.m. EDT) |
| dogwifhat (CRYPTO: WIF) | +6.55% | $1.79 |
| Bonk (CRYPTO: BONK) | +6.01% | $0.00001822 |
| Popcat (POPCAT) | +4.74% | $0.9046 |
Solana memecoins outperformed the more established Ethereum (CRYPTO: ETH)-based heavyweights like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which were up 2.66% and 4.39%, respectively.
The performance of memecoins rubbed on Solana's native token SOL, which was up 3.60% in the last 24 hours.
See Also: Bitcoin's Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against 'Possible Future Events' Affecting The Dollar
Major cryptocurrencies were on the move following the Fed's announcement of a 50 basis point cut in interest rates.
Bitcoin (CRYPTO: BTC) has rallied nearly 6% since the announcement, while Ethereum (CRYPTO: ETH) was up more than 10%.
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