The booming cryptomarket witnessed a dramatic turn of events on Monday, as soaring memecoins defied the broader downward trend and emerged as the leading gainers.
MemecoinsemergedasthebiggestgainersonMonday,defyingthebroaderbearishtrendinthecryptomarket.Bitcoinhititsmonthlylowof$58,554onJune24,whilememecoinsexperiencedaremarkableturnaround.Dogecoinsawmodestgains(2.4%),whilenewertokenslikePopcat(POPCAT)andMogCoin(MOG)surgedby50%and39%respectivelyin24hours.Memecoins,whichwereamongthebiggestlosersintherecentmarketcorrection,experiencedasurprisingsurgeonMonday,defyingthebroaderbearishtrend.Thisdevelopmentcomesafteraweek-longslumpthatsawmostcryptocurrencies,includingBitcoin,recordsignificantlosses.AsreportedbycryptonewsaggregatorLunarCrush,memecoinsemergedasthebiggestgainers,offeringastarkcontrasttothemarkettrend.Bitcoin,theworld’sleadingcryptocurrency,iscurrentlygrapplingtobuildmomentum,havinghititsmonthlylowof$58,554onJune24.Contrarily,memecoins,whichwereamongthebiggestlosersintherecentmarketcorrection,experiencedaremarkableturnaround.WhileestablishedmemecoinslikeDogecoinsawmodestgains(2.4%),newertokenslikePopcat(POPCAT)andMogCoin(MOG)skyrocketedby50%and39%respectivelywithinthepast24hours.WIFandPepeMakeaComebackDogwifhat(WIF),amemecointhatbrieflytoucheda$4billionmarketcapearlierthisyear,hadplummetedtoamulti-monthlowof$1.47earlierthisweek.However,WIFstagedadramaticcomebackonJune25th,surgingover25%toreclaimmostofitslosses.Similarly,Pepe(PEPE),anotherprominentmemecoin,witnesseda13%priceincreaseinthelast24hours.Memecoins:SaviororShort-TermHype?Thisunexpectedrallybymemecoinsnotonlyreversedthemarkettrendbutalsoreignitedinterestinthememecoinsector.Manyanalystshadpredictedtheendofthememecoincrazefollowingtherecentdip.However,thissurgesuggeststhatmemecoinsmightstillholdsomeinfluenceinthevolatilecryptocurrencymarket.WIF,Floki(FLOKI),andBonk(BONK)emergedasthebiggestgainersduringMonday’srally.WIF,boastingamarketcapexceeding$1billion,sawitstradingvolumesurgebyastaggering127%.FlokiandBonkalsoexperiencedsignificantpriceincreases(11%and16%respectively)alongsideajumpintradingvolume.RetailInvestorsSeekRefugeTherecentsurgeinmemecoinpricescoincideswithaperiodofheightenedmarketanxiety,fueledbythedefunctcryptocurrencyexchange’srepaymentwoes.Whileestablishedcryptocurrenciesperceivedtohavehigherutilitywitnessedpricedrops,retailinvestorsseemedtohavesoughtrefugeinmemecoins,contributingtotheunexpectedpricesurge.Thepopularityofmemecoinscontinuestobeasubjectofintensedebatewithinthecryptocurrencycommunity.ProminentanalystMichaëlvandePopperecentlycriticizedmemecoins,highlightingtheirinherentrisks,lackoflong-termpotential,anddependenceoncelebrityendorsements.
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