Memecoins staged a robust recovery on Monday as the broader cryptocurrency market rallied on the Labor Day holiday.

What happened: The charge was led by Solana SOL/USD-based token, dogwifhat, which recorded a spike of over 12% in the last 24 hours.

The dog-themed coin became the cryptocurrency market's third-largest gainer of the day, with its trading volume shooting 64%.

Cryptocurrency Gains +/- Price (Recorded at 11:30 p.m. EDT) dogwifhat WIF/USD +12.36% $1.59 Popcat (POP) +7.86% $0.6059 Bonk BONK/USD +7.27% $0.00001785

Cat-themed Popcat, which has been the market's best-performing cryptocurrency this year, soared over 7%. With a market capitalization nearing $600 million, it was the most valued feline-inspired meme currency as of this writing.

Yet another Solana-based token, Bonk, lifted 7.27% in the last 24 hours. Additionally, blue-chip tokens like Dogecoin DOGE/USD and Shiba Inu SHIB/USD gained 4.88% and 3.65%, respectively.

The total memecoin market capitalization rose 6.6% to $38.48 billion.

See Also: El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn’t Been A ‘Resounding Success’ — ‘We Have Never Forced Anyone To Adopt It’

Why It Matters: The memecoin rally coincided with the broader market’s impressive comeback from the weekend’s fall.

Bitcoin BTC/USD and Ethereum ETH/USD trended upwards during the day, a day after registering steep falls.

That said, market sentiment remained in “Fear” as of this writing, according to the Cryptocurrency Fear & Greed Index.

• Read More