In a remarkable turn of events, memecoins have defied the bearish trend that has plagued the crypto market for the past week and instead experienced significant double-digit growth over the last 24 hours.
While Bitcoin (BTC) has struggled to gain bullish momentum, hitting a monthly low of $58,554 on June 24, most memecoins have seen a reversal in their fortunes. Prior to this bullish surge, memecoins were among the biggest losers in the market’s decline.
Dogecoin (DOGE) has followed the broader market trend and achieved a 2.4% increase in price over the past day. However, Shiba Inu (SHIB) has made minimal progress, recording only a 0.15% gain on the daily chart. The real winners of this bullish surge are the new memecoins that have emerged in recent months.
One such memecoin, Popcat (POPCAT), which is built on the Solana blockchain, has experienced a staggering 50% surge in price over the last 24 hours. Similarly, Mog Coin (MOG) has seen a significant 39% increase in its price.
This recent surge in memecoin prices not only marks a reversal in the market trend but also brings memecoins back into the spotlight after many had speculated that the meme token frenzy had come to an end following the recent dip.
Another memecoin that has made headlines is Dogwifhat (WIF), which reached a market cap of $4 billion back in 2024. However, it recently hit a multimonth low of $1.47. Nevertheless, on June 25, WIF experienced a surge of over 25%, recovering the majority of its losses from the past week. Its price climbed from a daily low of $1.47 to a high of $1.94, and is currently trading around $1.83.
In addition to WIF, Pepe (PEPE) has also shown significant growth, joining the top 50 crypto rankings by market capitalization. Over the past 24 hours, PEPE’s price has risen by 13%, going from a low of 0.00001028 to a high of $0.00001198. Other memecoins such as Floki (FLOKI) have also experienced growth, with an 11% increase in price, while Bonk (BONK) saw a surge of 16%.
With the recent pullback of Ethereum, some experts believe that it could present an opportunity for investors in the DeFi sector, as well as projects like X Hall of Flame, which are gaining traction in the industry.
Overall, the memecoin market’s resurgence has brought excitement back to the crypto space, proving that the meme token phenomenon is far from over.