The broader market slipped into a narrow trading range after the Fed held rates steady, but the memecoin sector was first to stir: $PEPE rose more than 9% in a single day, speculative tokens such as Pudgy Penguins also gained, and the CoinDesk Memecoin Index climbed noticeably. Sentiment-wise, this is often a sign that risk appetite is returning: when blue chips are under pressure and leverage has not increased significantly, funds are more likely to flow into low-market-cap, high-beta assets, creating a temporary liquidity rotation. But looking at capital flows, these rotations are often driven mainly by retail investors and lack the sustained buying support of institutional ETFs. They look more like a reshuffling of existing funds than an influx of new money. Technically, assets like PEPE are highly volatile and can pull back just as quickly; a one-day gain does not confirm a trend. Memecoin strength can serve as a gauge of market sentiment, but be cautious about treating it as a fundamental indicator. Do you think this rebound signals a recovery in risk appetite, or is it just noise amid consolidation?