Memecoins Popcat, Michi, Why, and Ben the Dog Defy Bearish Market Trend with Remarkable Gains
- PHPzOriginal
- 2024-06-26 12:09:35902browse
Despite a bearish market led by a downturn in Bitcoin prices, several meme coins have defied the trend with remarkable gains.
Popcat (POPCAT) Price Surges 63%
Leveraging the viral appeal of the Popcat meme, Popcat (POPCAT) has seen remarkable gains of nearly 63% since June 24 to reach a daily high of around $**0.45 on June 25. The Solana-based token boasts a **strong** community, thanks to its **cultural** connection. The token's rapid rise in popularity and trading volume also highlight the power of social media hype in **speculative** investments. Along with its price, POPCAT's market cap also **surged** above **$382 million, with a 24-hour trading volume of $109.93 million. The Popcat team claims that the project's tokenomics aim to ensure decentralization and sustainability. As per CoinMarketCap data, the token has a total supply of nearly 980 million tokens, out of which 93.1% is placed in the liquidity pool and burnt. The remaining 6.9% is held in a multi-sig wallet for future uses, such as exchange listings and liquidity enhancements. Interestingly, the project's website warns users that the token has no intrinsic value or "expectation of financial return." Despite this disclaimer, the memecoin's recent Bybit listing attracted a large number of buyers who hoped for "financial returns."
Memecoin Michi (MICHI) Gains 86%
Another memecoin, Michi (MICHI), has increased 86% since June 24 to reach a daily high of around $**0.19 on June 25. With Bitcoin prices faring poorly against **bearish** pressure, traders are looking at **alternative** investment options to **make** gains. Combined with the social media hype, memecoins like Michi end up gaining from the increased attention. The token has a market cap of **$78.34 million and a 24-hour trading volume of $28.39 million. Michi's tokenomics are quite unclear, which could be a warning sign against the project. CoinMarketCap has listed the token's total supply and circulating supply as 555.7 million MICHI tokens, which differs from the project's self-reported market cap and supply. Investors are advised to do their due diligence before investing.
WHY (WHY) Token Rallies 33%
Another memecoin, WHY (WHY), has seen a 32.95% increase in the last 24 hours. The token's recent performance has relied on hype, community engagement, and viral trends. The market cap for WHY now stands at $**53.6 million, with a 24-hour trading volume of nearly **$3 million. This surge highlights the role of social media and online communities in driving interest in meme-based cryptocurrencies. The WHY team has set the total and circulating supply of tokens for the project at 420 trillion WHY. A broader interest in memecoins likely benefited WHY prices as traders try to capitalize on their volatility and potentially high returns. Additionally, the token has benefited from promotional campaigns and social media pushes, boosting its visibility and attractiveness to investors.
BentheDog (BENDOG) Price Rallies
Finally, another token that got listed on Bybit earlier this month, BENDOG, saw its price rally on June 24 to rise nearly 43% and reach a daily high of around $**0.0306 before correcting slightly. Recent developments and increased trading activity have propelled the memecoin's price. BENDOG's market cap is **$27.49 million, and its 24-hour trading volume is $21.4 million. BENDOG is another token with particularly unclear tokenomics. CoinMarketCap reported the circulating supply as 999.8 million tokens. However, the charting website highlighted that the project's self-reported supply was closer to 877 million tokens.
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