Meme cryptocurrencies have seen a significant recovery in the past 24 hours, with the market cap of these cryptocurrencies rising to nearly $45 billion.
This recovery coincides with the general bullish mood in the cryptocurrency market, following the Federal Reserve’s decision to cut interest rates for the first time in nearly four years.
Meme-themed cryptocurrencies surged, with Dogecoin (DOGE) and Shiba Inu (SHIB) up 4% and 7%, respectively.
Additionally, PEPE, FLOKI, and WIF recorded good gains, completing the list of the top five performing meme coins.
However, the spotlight has been on cat-themed meme coins in particular.
POPCAT is up 30% on the day, while MOG is up 15%.
Cat in a Dogs World (MEW) also saw a 22% increase in the space of 24 hours after it was listed on South Korean exchange Upbit.
These moves in the meme coin market show the impact of monetary policies on investor sentiment.
As lower interest rates have made investors more daring to acquire riskier assets, this has contributed to the current rally in these cryptocurrencies.
The outstanding performance of cat coins and the success of Neiro also highlight the diversity and continued opportunities in this volatile space.
In conclusion, we remind you to be careful and cautious, especially when trading this type of digital currency.
