The broader crypto market has been in freefall this week, with the global market cap plunging below $3 trillion for the first time since April. Despite BTC and ETH each dropping around 15% over the past week, some segments of the market have shown brief signs of relief.

The Kaiko Indices Layer-2 Index gained over 3% in the past 24 hours, marking our best-performing index during the recent downturn. The outperformance was primarily driven by $OP and $POL, though all four constituent assets recorded positive returns since Thursday.

Elsewhere, memecoins rose, lifting the Kaiko Meme Index. The basket added 2.6% over the past day, supported by solid gains from $Pengu, $WIF, and $SPX. However, $Fartcoin was the main driver of returns, adding nearly 20% since Thursday.

See what was driving returns across are product suite on our new Index Explorer now