Memecoins have reversed their week-long bearish run in the market with an impressive bull run as other crypto assets like Bitcoin continue to falter.
Memecoins have broken out of their various red zones to record double-digit growth in the last 24 hours.
At the time of writing this report, Bitcoin was hovering between a monthly low of $58,000 and $61,000 struggling to build a bullish trend.
But Memecoins once again defied market sentiments to go on a bullish run after being the worst hit during the red crypto market of mid-June.
The two top leading meme coins both recorded growth in the past 24 hours. Dogecoin the highest ranking memecoin and biggest by market cap achieved a 2.4% price increase in the past 24 hours.
In contrast, Shiba Inu the second largest memecoin by market cap 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.
Some of these memecoins were launched a few months ago and they happened to be the biggest beneficiaries of the current bull run.
POPCAT a memecoin launched on the Solana network recorded a 50% surge in the last 24 hours while Mog coin (MOG) recorded a 39% gain within the same time frame.
The recent surge in Memecoin prices went a long way in reversing market trends and returned Memecoins to the news cycle after many called that the Memecoin frenzy was over following the heavy losses memecoins suffered in the red market of mid-June.
Aside from the two leading memecoins Dogecoin and Shiba Inu and the new memecoins that did very well in the current memecoin bull run other memecoins also recorded growth in the recent memecoin bull run.
Dogewifhat (WIF), a memecoin that hugged all the headlines this year after hitting a $4 billion market cap fell to $1.47 earlier this week recording a multi-monthly low.
However, the memecoin surged by a whopping 25% today gaining back 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.
Pepe a frog-themed memecoin another star of the previous memecoin frenzy also recorded double-digit growth in the recent memecoin bull run.
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.
What to know
- Other popular meme coins like FLOKI and BONK both recorded double-digit growth in the recent memecoin Bull run. Floki recorded an 11% growth while Bonk recorded a 16% surge in price value.
- Memecoins have once again defied general market sentiments which is always affected by the performance of Bitcoin, the primary crypto asset.
