Analyst: Animal-themed Meme Coins Strongly Rebound This Week as Traders Bet on Market Bottom

According to Sherwood News, despite a sharp decline since the beginning of the year, crypto Meme coins have shown signs of recovery this week, with Popcat's increase being particularly notable. Data shows that Popcat rose by 49.6% to $0.24 this week, outperforming its dog-themed Meme coin counterparts. Bonk and Dogwifhat increased by 12.6% and 3.9% respectively, the frog-themed Pepe rose by 8.7%, and the Pengu token related to Pudgy Penguins saw a rise of 10.4%.

Analysts indicate that although this rebound occurs in the context of an approximately 55% drop in Meme coins since the beginning of the year, it does not suggest a waning of market interest; instead, it reflects that speculative enthusiasm remains strong.

Asymmetric Financial founder Joe McCann stated, "Meme coins never died, and they never will," asserting that the market is betting that the worst phase may be over.

However, some are cautioning that trading in Meme coins remains highly speculative, and the market may not have truly bottomed out. Santiment analyst Maksim Tkachuk noted that the willingness to bet on Meme coins often occurs before the market has hit rock bottom. Currently, the total market cap of Meme coins is approximately $48.3 billion, accounting for less than 2% of the total cryptocurrency market cap.