google newsNAIROBI (CoinChapter.com) — After a tumultuous weekend amid heightened tensions between Israel and Iran, memecoins are showing signs of recovery, suggesting a renewed risk appetite among investors. The global cryptocurrency market capitalization increased by 3.89% from the previous day to $2.43 trillion. Specifically, the current Memecoin market cap stands at $54.4 billion, reflecting a significant 12.2% rebound in just 24 hours.
President Joe Biden warned Israeli Prime Minister Benjamin Netanyahu that the United States would not participate in a counteroffensive against Iran, according to a White House official. This helped ease tensions and restore trust in the cryptocurrency market.
Memecoin Market Reorganization
Top meme coins have suffered significant losses recently, with Dogecoin (DOGE) down 20.7%, Shiba Inu (SHIB) down 19.0%, Dogwifhat (WIF) down 26.3%, and Pepe (PEPE) down 28.0% over the past week. .
The sell-off follows a broader decline in cryptocurrency markets over the weekend due to heightened geopolitical tensions between Israel and Iran. Investors tend to abandon riskier assets, such as meme coins, during periods of market turmoil and uncertainty.
However, the Mimecoin market rebounded today, confirming the recovery of risk sentiment as geopolitical concerns eased. Dogecoin (DOGE) is up 5.8% and trading at $0.1649. Shiba Inu (SHIB) rose 5.3% to $0.00002361. Dogwifhat (WIF) has surged 12.9% and is currently trading at $3.10, while Pepe (PEPE) has risen 3.4% and is currently trading at $0.055582 over the last 24 hours.
Solana cryptocurrency rallied the most.
With tensions between Israel and Iran easing, the coin market is showing signs of active recovery, suggesting that risk sentiment is reviving. In the past 24 hours, its market capitalization has surged 12.2%, reaching $54.4 billion.
In particular, the Solana platform's memecoin performed well, with its market capitalization surging 29.6% to $6.76 billion. The coin's 24-hour trading volume surpassed $1.92 billion, highlighting the intense trading activity.
The top Solana memecoins have recently recorded significant gains. In the last 24 hours, WolfWifBallz has surged 129.9%, MOCHICAT has surged 8104.2%, and Cat in a Dog's World has surged 79.3%.
On the other hand, Solana (SOL) has seen a notable increase of 7.97% in the last 24 hours and its current price is $154.23. This comes as Solana Status released a critical network update (v1.17.31) for X to address congestion issues. This update is required for all mainnet beta validators.
Against the backdrop of the weekend, a cryptocurrency trader known as X's Crypto Nerd shared a heartbreaking story. They lost a significant amount of money trading meme coins. According to the post, the Crypto Nerd woke up to discover that his 3x leveraged position on Pepe (PEPE) had been liquidated. This resulted in a huge loss of $1 million.
Crypto Nerd, who holds less than $1,000 in his bank account, is just one of many traders in the memecoin space who have experienced significant losses. These often untold stories highlight the need for caution and appropriate risk management when dealing with highly speculative assets.
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