Memecoins on the Solana (CRYPTO: SOL) blockchain rallied sharply on Thursday as the broader cryptocurrency regained momentum following the Federal Reserve's aggressive rate cut.

What happened: Canine-inspired token dogwifhat popped 6.55% in the last 24 hours, emerging as the market's biggest gainer among memecoins exceeding billion-dollar valuation. The coin's trading volume jumped 18.56% to $424 million.

Another dog-themed coin Bonk recorded gains of more than 6%, with trading volume more than doubling to $152 million. 

Additionally, cat-themed cryptocurrency Popcat lifted 4.74%, extending its gravity-defying rally this year. The token was up an astounding 11130% year-to-date.

Solana memecoins outperformed the more established Ethereum (CRYPTO: ETH)-based heavyweights like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which were up 2.66% and 4.39%, respectively.

The performance of memecoins rubbed on Solana's native token SOL, which was up 3.60% in the last 24 hours.

See Also: Bitcoin’s Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against ‘Possible Future Events’ Affecting The Dollar

Major cryptocurrencies were on the move following the Fed's announcement of a 50 basis point cut in interest rates.

Bitcoin (CRYPTO: BTC) has rallied nearly 6% since the announcement, while Ethereum (CRYPTO: ETH) was up more than 10%.

Image via Shutterstock

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