Shiba

2024

Solana

Strong

DeFi

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.&nbsp;
Marketwatch data <a href="https://www.marketwatch.com/investing/index/vix/charts" rel="noopener noreferrer nofollow" target="_blank">showed</a> 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 <a href="https://www.coingecko.com/en/categories/solana-meme-coins" rel="noopener noreferrer nofollow" target="_blank">data</a>, 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.
<h3 id="span-style-font-weight-400-meme-coins-make-a-comeback-as-concerns-linger-span">Meme coins make a comeback as concerns linger</h3>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Memecoins Will Make A Strong Recovery Soon 🚀
 — Crypto Terry (@cryptoterry) <a href="https://twitter.com/cryptoterry/status/1820965578447974800?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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.&nbsp;
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 <a href="https://x.com/KamalaHarris/status/1820828396298879294" rel="noopener noreferrer nofollow" target="_blank">settled</a> on Minnesota governor Tim Walz as her running mate.&nbsp;&nbsp;
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%.
<h3 id="span-style-font-weight-400-investors-see-opportunities-as-solana-shines-amidst-uncertainty-span">Investors see opportunities as Solana shines amidst uncertainty</h3>
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.&nbsp;
<blockquote>
 “Despite the recent price drop, Solana ( $SOL) continues to show strong performance in the DeFi sector. Great time to buy! ”&nbsp;&nbsp;&nbsp;&nbsp;
 –<a href="https://x.com/tomosholden/status/1821253760162611460" rel="noopener noreferrer nofollow" target="_blank">Tomos Holden</a>
</blockquote>
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.

Meme coins spark crypto recovery as Solana gains

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