Memecoins reverse bearish market trends to record double-digit growth

Avatar

Memecoins have broken out of a week-long bearish crypto trend to record double-digit growth over the past 24 hours.

At a time when Bitcoin (BTC) is struggling to build bullish momentum — recording its monthly low of $58,554 on June 24 — most memecoins saw a trend reversal and gained in double digits. Before the current bullish boost, memecoins were among the biggest losers in the red crypto market.

Dogecoin (DOGE) mirrored the broader market trend, achieving a 2.4% price increase in the past 24 hours. In contrast, Shiba Inu (SHIB) saw minimal progress, recording only a 0.15% gain on the daily chart. The biggest beneficiaries of the bullish surge are new memecoins that have emerged in the past few months.

Solana-based Popcat (POPCAT) recorded a 50% surge on the 24-hour chart, while Mog Coin (MOG) saw a 39% price surge.

The recent push in memecoin prices has not only reversed the market trend but also helped memecoins to make it back into the news cycle after many called an end to the meme toke frenzy after the recent dip.

Source: Based16z

Related: Bitcoin analysts forecast BTC Price Drop to $50K before parabolic run begins

WIF and Pepe are back on track 

Dogwifhat (WIF), a memecoin that made headlines earlier in 2024 after touching a $4 billion market cap, fell to $1.47 earlier this week, recording a multimonth low.

However, on June 25, the memecoin surged over 25% to recover the majority of its losses from the past week. The token price surged from a daily low of $1.47 to a daily high of $1.94, trading at around $1.83 at the time of writing.

Memecoins ranking. Source: CoinMarketCap

Aside from WIF, Pepe (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 rose from a daily low of 0.00001028 to a daily high of $0.00001198, seeing a 13% surge in price over the past 24 hours. Floki (FLOKI) — another popular memecoin this season — recorded 11% growth, while Bonk (BONK) saw a 16% surge.

Magazine: Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame