Meme coins spark crypto recovery as Solana gains
According to data from Coingecko, the crypto market bounced back from Monday’s downturn, with cat-themed and Solana meme coins championing the recovery. The Global Markets Complexity Index (GMCI) Index revealed a 6% increase in the last 24 hours.
Marketwatch data showed that the Chicago Board Options Exchange’s Cboe Volatility Index (VIX) shot up by 60 points on August 5 but later dropped to settle at 23.61 points. According to Coingecko’s data, the Solana memecoin market cap surged 35.2% to $7.3 billion in the last 24 hours. The data further unveiled a 41.8% increase in cat-themed memecoin market cap to $2.43 billion over the same period.
Meme coins make a comeback as concerns linger
Memecoins Will Make A Strong Recovery Soon 🚀
— Crypto Terry (@cryptoterry) August 6, 2024
Coingecko’s data confirmed double-digit gains for major memecoin categories, including Michi, which increased by 30%, Popcat by 35%, and Dogwifhat (WIF) by 26%. Furthermore, The top three meme coins by weight were Shiba Inu, Pepe, and Dogecoin, which increased by 2.6%, 6.89%, and 3.9%, respectively.
Coingecko’s data further revealed that the PolitiFi meme coin market cap rose by 18% to $589 million in 24 hours. According to the data, MAGATrump (MAGATRUMP) gained 51%, and ElonTrump gained 38% within the same 24-hour period.
The data from Coingecko confirmed that the Solana-based Tem Walz memecoin experienced a brief increase to a market cap of almost $1 million before plummeting to less than $254,000 on August 6. The erratic Tem Walz memecoin’s price swing occurred moments after Kamala Harris settled on Minnesota governor Tim Walz as her running mate.
Notably, Coingecko’s data revealed a 90% drop in TrumCoin’s (DJT) value after one unidentified wallet sold DJT worth $2 million in a single transaction. The DJT’s market cap dropped from $55 million to $3 million within 24 hours. The DJT’s value has since gained 2%.
Investors see opportunities as Solana shines amidst uncertainty
While meme coins continued to perform exceptionally, Coingecko’s data showed that the Solana blockchain went up by over 11% in 24 hours. Solana price data shows that the Solana market cap was $68.3 billion, with a trading volume of $6.5 billion and a circulating supply of 466.3 million tokens in 24 hours.
For some analysts, Solana presented profitable short-term trade opportunities as the market continued to experience turmoil. The analysts affirmed that altcoins like Solana were the best options for investors looking for longs.
“Despite the recent price drop, Solana ( $SOL) continues to show strong performance in the DeFi sector. Great time to buy! ”
The TVL (total value locked) on Solana-based DeFi applications increased by 25% to $2.82 billion from $2.24 billion. Analysts disclosed that Solana meme coins exhibited some of the largest bounce-backs after the dust settled.
