Following the collapse of Silvergate Capital last week, shares of most cryptocurrencies plunged. For meme coins Shiba Inu (CRYPTO: SHIB), Dogecoin (CRYPTO: DOGE), and ApeCoin (CRYPTO: APE), the declines were among the worst in the sector, as investors flocked to safe haven assets. 

However, as the market has recovered today, these meme coins have seen an impressive rebound. As of 2:30 p.m. ET, Shiba Inu, Dogecoin, and ApeCoin have surged 5.9%, 7.1%, and 10%, respectively, over the past 24 hours. 

This surge, which aligns with the price action of the broader crypto market, reflects improved sentiment among investors in higher-risk assets. The Treasury Department, Federal Reserve, and Federal Deposit Insurance Corp. (FDIC) stepped in to backstop SVB Financial depositors on the weekend, while also taking control of New York's Signature Bank, which was also forced to close. These actions appear to have bolstered investor confidence in the markets, with most risk assets outside of the banking sector seeing gains today.

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Source Fool.com