NAIROBI (CoinChapter.com) — After a turbulent weekend fueled by escalating tensions between Israel and Iran, memecoins show signs of recovery, suggesting a renewed risk appetite among investors. The global crypto market cap has risen to $2.43 trillion, marking a 3.89% increase in the last day. Specifically, the memecoin market cap today stands at $54.4 billion, reflecting a significant rebound of 12.2% in just 24 hours.
According to a White House official, President Joe Biden warned Israeli Prime Minister Benjamin Netanyahu that the U.S. would not take part in a counteroffensive against Iran. This helped ease tensions and restore confidence in the crypto market.
Memecoin Market Shakeup
The top meme coins have experienced substantial losses in recent days, with Dogecoin (DOGE) down 20.7%, Shiba Inu (SHIB) dropping 19.0%, Dogwifhat (WIF) declining 26.3%, and Pepe (PEPE) falling 28.0% over the past week.
This selloff was driven by a broader crypto market decline over the weekend, influenced by rising geopolitical tensions between Israel and Iran. Investors tend to dump riskier assets like meme coins during periods of market turmoil and uncertainty.
However, the memecoin market has rebounded today, confirming the return of risk sentiment as geopolitical concerns have eased. Dogecoin (DOGE) is up 5.8%, trading at $0.1649. Shiba Inu (SHIB) has gained 5.3%, priced at $0.00002361. Dogwifhat (WIF) is surging by 12.9%, currently priced at $3.10, and Pepe (PEPE) has risen 3.4%, now trading at $0.055582 in the last 24 hours.
Solana crypto rally the most
Amidst easing tensions between Israel and Iran, the coin market shows signs of vigorous recovery, indicating a resurgence in risk sentiment. Over the past 24 hours, the market cap has surged by 12.2%, reaching $54.4 billion.
In particular, memecoins on the Solana platform have outperformed, with their market cap soaring by 29.6% to $6.76 billion. The 24-hour trading volume for these coins topped $1.92 billion, highlighting intense trading activity.
The top Solana memecoins have recorded substantial gains recently. WolfWifBallz surged 129.9%, MOCHICAT jumped 8104.2%, and Cat in a Dog’s World rose 79.3% in the past 24 hours.
On the other hand, Solana (SOL) has seen a notable increase of 7.97% in the past 24 hours, with its price now at $154.23. This comes as Solana Status announces a significant network update (v1.17.31) on X aimed at addressing congestion issues. This update is mandatory for all Mainnet Beta validators.
Amid the weekend backdrop, a crypto trader known as Crypto Nerd on X shared a heartbreaking story. They lost a significant amount in meme coin trading. According to the post, Crypto Nerd woke up to find their 3x-leveraged position on Pepe (PEPE) liquidated. This resulted in a devastating $1 million loss.
Snippet of Nerd’s post on XCrypto Nerd, who has less than $1,000 in his banking account, is just one of many traders who have experienced significant losses in the memecoin space. These stories, often untold, underscore the need for caution and proper risk management when engaging with these highly speculative assets.
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