Meme Coins and Layer 1 Rebound Prominently Following Crypto Market Crash
CryptoNewsTerminal Staff12 Aug, 2024
Meme Coins and Layer 1 Rebound Prominently Following Crypto Market Crash
Meme coins and the Layer 1 sector have rebounded prominently since the 'Black Monday' crypto market crash, which occurred five days ago. According to The Block, the GML1 index (Layer 1) fell by 21.3% before rebounding by 15.4%, while the GMME index (meme coins) fell by 25% before rebounding by 14.8%. Analysts believe that this is because both sectors have shown excellent performance over the past year. In the case of Layer 1 in particular, the upswing was triggered by positive news for several projects, such as Sui's (SUI) Mystique City upgrade. Overall, the rebound in meme coins and Layer 1 projects is a positive sign for the crypto market, which has been experiencing a downturn in recent weeks.
