What members of the crypto community have been talking about this week

Solana-based meme cryptocurrencies have skyrocketed in value recently. The POPCAT exchange rate increased by 35%, while the “dog” WIF went up by 26%, according to CoinGecko. The sudden growth of SOL-based tokens contrasts with the position of other digital assets that have not previously shown similar dynamics. Analysts attribute this divergence to the sharp surge in the price of Solana, which recovered its recent losses.

Bitfinex analysts believe that the main crypto coin is able to become a safe haven asset during the downturn in the economy, although the rest of the digital currency market may suffer. Experts pointed out that over the past 3 months, the authorities of various countries have decided to 35 rate cuts. Such actions are reminiscent of the 2009 crisis, Bitfinex believes. “The transition of investors to safer assets and the fall in government bond yields are classic indicators of recession, reflecting the lack of confidence in sustainable economic growth,” the analysts said.

IntoTheBlock experts point to the return of retail investors to the market of digital assets. This is evidenced by the increase in the number of new active addresses in the BTC network. According to analysts, the number of new addresses indicates a more stable situation in the market and the formation of conditions for further growth. “Despite the recent bearish sentiment, the updated data on new active addresses gives hope for a possible recovery. If investor interest continues to grow, this could be a catalyst for bitcoin to further strengthen its position,” IntoTheBlock said.

Cryptocurrency market maker Jump Trading, which earlier staged a sell-off of Ethereum worth hundreds of millions of dollars, was responsible for the cryptocurrency market crash, QCP Group said. “The collapse of cryptocurrency quotes to more than five-month lows was mostly caused by the Jump Trading team’s sale of ETH,” the analysts said.