Bonk Leads Memecoin Rally As This Indicator Flashes 'Buy,' But Dogecoin, Shiba Inu Not Too Far Behind

Meme coins surged on Wednesday amid the broader rally in the cryptocurrency market.

What Happened: Solana SOL/USD-based Bonk spearheaded the rally with nearly an 8% jump 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 soared 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 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 SHIB/USD 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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