Memecoins reverses bear market trends to record double-digit growth
Memecoins have broken out of a week-long bullish cryptocurrency trend to record double-digit growth over the past 24 hours.
As Bitcoin (BTC) struggles to build bullish momentum — hitting a monthly low of $58,554 on June 24 — most memecoins have seen trend reversals and double-digit gains. Before the current surge in bullishness, memecoins were among the biggest losers in the red crypto market.
Dogecoin (DOGE) has recorded a 2.4% price increase over the past 24 hours, bucking the broader market trend. On the other hand, Shiba Inu (SHIB) showed little progress on the daily chart, recording only a 0.15% gain. The biggest beneficiaries of the increase in power are the new memecoins that have emerged in the last few months.
Solana-based PopCat (POPCAT) recorded a 50% increase on the 24-hour chart, while Mog Coin (MOG) saw a 39% increase in price.
The recent push on memecoin prices has not only reversed the market trend, but has also helped bring memecoins back into the news cycle, with many saying that memetalk's frenzy is over after the recent dip.
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WF and Pepe are back on track.
Dogwhiphat (YF), the memecoin that made headlines earlier in 2024, hit a $4 billion market cap earlier this week, falling to a multi-month low of $1.47.
However, on June 25, memecoin rallied more than 25% to recover most of its losses from the previous week. The token price rose from a daily low of $1.47 to a daily high of $1.94, trading at around $1.83 at the time of writing.
Besides WIF, Pepe (PEPE) was another major memecoin in the top 50 crypto rankings by market capitalization to post double-digit growth in the last 24 hours.
PEPE price rose from a daily low of $0.00001028 to a daily high of $0.00001198, representing a 13% increase in the last 24 hours. Floki (FLOKI) – another popular memecoin this season – recorded a growth of 11%, Bonk (BONK) showed an increase of 16%.
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