Memecoins have broken free from a week-long bearish trend in the crypto market, recording impressive double-digit growth over the past 24 hours.
While Bitcoin has been struggling to build bullish momentum, hitting a monthly low of $58,554 on June 24, most memecoins have experienced a trend reversal, showing significant gains.
Before this recent uptick, memecoins were among the biggest losers in the declining crypto market.
DOGECOIN followed the broader market trend, achieving a 2.4% price increase in the past 24 hours.
In contrast, Shiba Inu saw minimal progress with only a 0.15% gain on the daily chart.
The most significant beneficiaries of the bullish surge are newer memecoins that have emerged in recent months.
Solana-based Popcat (POPCAT) saw a remarkable 50% surge on the 24-hour chart, while Mog Coin (MOG) experienced a 39% price increase.
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This recent rise in memecoin prices has not only reversed the market trend but also brought memecoins back into the spotlight after many predicted the end of the meme token frenzy following the recent dip.
Dogwifhat (WIF), a memecoin that made headlines earlier in 2024 after reaching a $4 billion market cap, fell to $1.47 earlier this week, marking a multi-month low.
However, on June 25, the memecoin surged over 25%, recovering the majority of its losses from the past week.
The token’s 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.
In addition to WIF, Pepe was another major memecoin in the top 50 crypto rankings by market capitalization to post double-digit growth in the past 24 hours.
PEPE’s price increased from a daily low of $0.00001028 to a daily high of $0.00001198, reflecting a 13% surge over the past 24 hours.
Floki (FLOKI), another popular memecoin this season, recorded an 11% growth, while Bonk (BONK) saw a 16% surge.
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