Bearish Crypto Market Fails to Deter Memecoins
Several memecoins have managed to defy the recent bearish market in the cryptocurrency world, despite the downturn in Bitcoin prices. Tokens like Popcat, Michi, Why, and Ben The Dog have seen remarkable gains, driven by viral appeal and robust community engagement.
Popcat (POPCAT), which is based on the Popcat meme, has surged by nearly 63% since June 24 and reached a daily high of around $0.45 on June 25. The Solana-based token has seen a rapid rise in popularity and trading volume, highlighting the impact of social media hype in speculative investments. With a market cap of over $382 million and a 24-hour trading volume of $109.93 million, Popcat’s tokenomics are aimed at ensuring decentralization and sustainability.
Michi (MICHI) has also seen an 86% increase since June 24, reaching a daily high near $0.19 on June 25. The token has a market cap of $78.34 million and a 24-hour trading volume of $28.39 million. However, its tokenomics are quite opaque, which could be a cause for concern for potential investors.
WHY (WHY) has experienced a 32.95% increase in the last 24 hours and now boasts a market cap of $53.6 million, with a 24-hour trading volume of nearly $3 million. The token has seen a surge in interest due to hype, community engagement, and viral trends, and has benefited from promotional campaigns and social media pushes.
BENDOG, another memecoin listed on Bybit, saw a price rally of nearly 43% on June 24, reaching a daily high near $0.0306 before correcting slightly. With a market cap of $27.49 million and a 24-hour trading volume of $21.4 million, BENDOG also has opaque tokenomics, with conflicting information about its circulating supply.
Despite the recent decline in Bitcoin prices and the broader bearish market, these memecoins have continued to attract significant attention and trading volume, indicating that traders are seeking alternative investment options.