Layer-1s, Memecoins Show Significant Strength Amidst Market Recovery

Following recent market correction, memecoin and Layer One sectors, as indicated by the GMMEME and GML1 indices, have stood out as top performers during the recent relief rally, demonstrating notable resilience.

Sui in particular saw its prices rise by almost 100% in the past 7 days leading the performance in the Layer 1 sector while meme-coins like PEPE and WIF drove the returns in GMMEME.

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Recent strength in Sui could be attributed to the upcoming Mysticeti upgrade while the renewed interest in memecoins generally reflects market participants' optimistic outlook for the market.

The new upgrade will reduce the already low latency for all transactions. It is obvious from the price that traders are definitely excited about this upgrade and this could mean for the Sui ecosystem at large.

However, it remains to be seen how sustainable this recent market rally is given the current climate once the Sui upgrade is over. The same can be said for memecoins given how many they are.

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The sustainability of this recent market rally remains uncertain, especially once the Sui upgrade concludes. The future performance of meme-coins could also be in question due to the large number of these tokens currently available and how holders sell them at the first sign of any downward pressure on the overall market, as evidenced by recent corrections.