- Memecoins have experienced a significant rebound after Monday’s market downturn, with Solana-based memecoins and cat-themed memecoins seeing notable gains in market capitalization over the past 24 hours.
- The cryptocurrency market has rebounded since Monday’s downturn, with Solana-based memecoins leading the price increase, according to The Block’s GMCI index for memecoins.
- Analysts point to opportunities for trades that could generate short-term profit, particularly Solana mean reversion plays, following the recent market turmoil.
The cryptocurrency market has rebounded since Monday’s downturn, with Solana-based memecoins leading the price increase.
Memecoins Rally Across the Board
According to Coingecko data, the market cap of Solana-based memecoins now stands at $7.3 billion, a 35.2% increase in the last 24 hours. Meanwhile, the market cap of cat-themed memecoins has risen to $2.43 billion, up 41.8% over the same period.
Major memecoins in both categories have posted double-digit gains. Dogwifhat (WIF) 1120% , WIF 1120%, has increased by 26%. Popcat is up 35% and Michi has risen 30%. The top three memecoins by weight (Dogecoin, Shiba Inu and Pepe) also increased 39%, 26% and 689% respectively.
Meanwhile, the PolitiFi memecoin market cap today stands at $589 million, having gained 18% in the last 24 hours, according to CoinGecko data. Major movers in the memecoin subsector, Elon Trump (ticker EL) and MAGATrump (ticker MAGATRUMP) have increased by 38% and 51% respectively in the past 24 hours.
Analysts Point to Trade Opportunities Amid Solana Rebound
After the recent market turmoil, K33 analysts have pointed to opportunities for trades that could generate short-term profit, particularly Solana mean reversion plays.
Following significant market panic on Sunday and Monday, K33 Research says altcoins like Solana are strong candidates for a mean reversion play. This investment strategy speculates that when an asset’s price deviates substantially from its historical average or expected value, it is likely to return to that average level eventually.
Solana is showing strength and if looking for longs, SOL is a clear option. If looking for a higher risk beta play, Solana memecoins put in some of the largest bounces after the dust had settled, K33 Research analysts said in Wednesday’s report. They added that the SOL-ETH price has made an all-time high since Monday’s downturn, while the SOL-BTC price has also rallied.
K33 analysts also highlighted some uncertainties to be aware of regarding recent developments in the Solana ecosystem.
Conclusion
The crypto market and memecoins in particular have experienced a significant rebound after Monday’s downturn, with volatility greatly diminished yesterday. Solana-based memecoins are leading the rally, while analysts also point to trading opportunities around a potential Solana rebound. However, some uncertainties remain around recent developments involving key Solana supporters. The market seems to be stabilizing overall after the turmoil earlier this week.
