The injection of positive volatility sent memecoins rallying Monday, with coins from the sector emerging as the cryptocurrency market's biggest gainers. 

What Happened: Frog-themed Pepe was the best-performing cryptocurrency in the last 24 hours, with gains upwards of 25%. Its trading volume surged 90% to $1.5 billion, making it the most-traded memecoin over the last 24 hours. 

Solana (CRYPTO: SOL)-based dogwifhat was the second-highest gainer on the day, followed by Ethereum (CRYPTO: ETH)-based Floki. Both dog-themed coins recorded healthy upticks in 24-hour trading volumes. 

Additionally, blue-chip memecoins in the market also registered significant spikes. Shiba Inu (CRYPTO: SHIB) jumped more than 10% to $0.00001988, while pioneer Dogecoin (CRYPTO: DOGE) soared 7% to $0.1261.

See Also: Floki’s 20% Gains Race Past Dogecoin, Shiba Inu And It Could ‘Pump Hard Over The Coming Months,’ Trader Predicts

Why It Matters: The memecoin bull run comes amid positive momentum in the cryptocurrency market following the foiled assassination attempt of pro-cryptocurrency presidential nominee Donald Trump.

Additionally, dovish comments by Federal Reserve Chair Jerome Powell helped accelerate investments in this highly speculative and risky category of financial instruments.

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