Memecoins Bounce Back: New Players Flourish, Classics Rally Amid Overall Crypto Slump
Summary:
After a bearish week, memecoins have rebounded with over 10% growth in the last day. This resurgence has predominantly benefitted newer memecoins like Popcat and Mog Coin with surges of 50% and 39% respectively. Two well-known memecoins, Dogwifhat and PEPE, have also seen a recovery, creating a trend reversal within the crypto market and pushing memecoins back into the news cycle.
Memecoins have recently rebounded from a bearish week of trading in the crypto sphere, recording growth of over 10% in the last day. While Bitcoin (BTC) wrestles to gain momentum following its monthly low of $58,554 on June 24, numerous memecoins have observed a substantial uptrend with double-digits gains. Memecoins, prior to this rally, were amongst the largest losers of the downbeat crypto market trajectory. Dogecoin (DOGE) paralleled the overall market movement, amassing a rise of 2.4% in value over the previous day. However, Shiba Inu (SHIB) noted only slight improvement with a mere increase of 0.15% on the daily chart. The latest wave of bullish activity has predominantly benefitted the newer memecoins that debuted within the recent months. Popcat (POPCAT), running on the Solana blockchain, reported a leap of 50% on the 24-hour chart while Mog Coin (MOG) experienced a rise of 39% in value. This recent rally in memecoin prices hasn't only overturned the market trend, but also brought memecoins back into the limelight of the news cycle.
Dogwifhat (WIF), a notorious memecoin which earlier this year grabbed headlines due to its $4 billion market cap, dropped to $1.47 this week marking its lowest in multiple months. However, the memecoin rebounded over 25% on June 25 and was able to recover most of its previous week's losses. WIF's price leapt from a daily low of $1.47 to a peak of $1.94 on the same day and was trading at approximately $1.83 as per the latest reports.
PEPE, another key memecoin featured in the top 50 crypto rankings by market capitalization, registered double-digit gains within the past day. The price of PEPE climbed from a daily low of 0.00001028 to a daily high of $0.00001198, marking a 13% price increase in the past day. Other memecoins such as Floki (FLOKI) and Bonk also recorded growth rates of 11% and 16%, respectively.
Published At
6/25/2024 12:11:48 PM
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