The cryptocurrency market is rebounding strongly following a severe sell-off, with memecoins and major tokens experiencing renewed buying interest. The memecoin market cap has surged to $68.8 billion, driven by significant gains in Dogecoin (DOGE), WIF, and PENGU. Bitcoin (BTC) has recovered to $115,227 after the flash crash, while Ethereum (ETH) and Solana (SOL) have also posted notable rallies. Arjun Vijay of Giottus described the recent crash as a 'temporary glitch' triggered by cascading liquidations and leverage. Analysts believe this correction has cleared excess leverage, potentially paving the way for a more robust market recovery.