Memecoins defy the broader bearish trend to emerge as the biggest gainers-web3.0-php.cn

Memecoins defy the broader bearish trend to emerge as the biggest gainers

Jun 26, 2024 pm 12:08 PM

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.

Memecoins defy the broader bearish trend to emerge as the biggest 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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