How Is the Memecoin Market Performing?

How Is the Memecoin Market Performing?

Cryptocurrency markets continue to witness significant developments. Despite concerns surrounding Bitcoin, the memecoin sector has experienced notable gains. Within the Solana ecosystem, popular memecoin projects Joe Boden (BODEN) and Popcat (POPCAT) have had a remarkable impact in the past 24 hours.

Solana Ecosystem and Memecoin Surge

Following the Fed's decision to maintain interest rates steady, Bitcoin gained momentum yesterday. However, memecoin projects emerged as the day's standout performers. BODEN and POPCAT, both part of the Solana ecosystem, surged 58.7% and 46.5% respectively, becoming the top gainers among the top 300 crypto projects.

Joe Boden (BODEN)

BODEN, a political satire-themed memecoin inspired by US President Joe Biden, surged 63.69%, marking the day's lowest and highest levels. After a period of consolidation, the token gained significant momentum and recently broke above the resistance level of $0.009627.

However, its recent surge encountered resistance at the previous resistance level of $0.01602, preventing BODEN from surpassing this mark. A daily close above this level could signal the start of a significant phase for BODEN and potentially impact the broader memecoin sector.

Popcat (POPCAT)

POPCAT, a competitor to dog-themed memecoin projects, has recently impressed investors. A breakout above the resistance level of $0.5020 led to a new all-time high for POPCAT.

At the time of writing, POPCAT traded at $0.6161, with a total market capitalization of $595.4 million. Dex Screener data indicates that POPCAT witnessed a trading volume of $23.2 million in the past 24 hours, with 3,436 investors participating in transactions.

This article was originally published on COINTURK NEWS: How Is the Memecoin Market Performing?