Memecoins Fails To Notice Bearish Crypto Market Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— Despite a bearish market led by a downturn in Bitcoin prices, several memecoins have defied the trend with remarkable gains, with Popcat, Michi, Why, and Ben The Dog tokens leading the pack.
These tokens, driven by viral appeal and robust community engagement, have surged in value. Bitcoin’s recent decline has pulled down broader market indices.
However, these memecoins continue to attract significant attention and trading volume, indicating that traders are looking for alternative investment options.
Popcat Has No Bearish Market Feels
Popcat (POPCAT), leveraging the viral appeal of the Popcat meme, has seen nearly 63% gains since June 24 to reach a daily high near $0.45 on June 25. The Solana-based token claims to engage a broad community through its cultural connection.
POPCAT price action over the past 24 hours.
Popcat’s rapid rise in popularity and trading volume underscores 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 the project’s tokenomics aim to ensure decentralization and sustainability. Per CoinMarketCap data, the token has a total supply of nearly 980 million tokens, with 93.1% placed in the liquidity pool and burnt.
The remaining 6.9% is held in a multi-sig wallet for future uses like exchange listings and liquidity enhancements. The project’s website warns users that the token has no intrinsic value or “expectation of financial return.“
Yet, the memecoin’s recent Bybit listing attracted a horde of buyers who hoped for “financial returns.“
Memecoin Michi (MICHI) Gains Traction
Michi (MICHI) has increased 86% since June 24 to reach a daily high near $0.19 on June 25. With Bitcoin prices faring poorly against bearish pressure, traders are looking at alternative investment options to rake in 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 price action over the past 24 hours.
Michi’s tokenomics are quite opaque, 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 should do their due diligence before investing.
WHY (WHY) Rides the Memecoin Wave
WHY (WHY) has seen a 32.95% increase in the last 24 hours. The token’s recent performance relied on hype, community engagement, and viral trends.
WHY price action over the past 24 hours.
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 set the total and circulating supply of tokens for the project at 420 trillion WHY. A broader interest in memecoins likely benefitted WHY prices as traders seek 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.
Ben the Dog (BENDOG) Price Rallies
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 near $0.0306 before correcting slightly.
BENDOG price action over the past 24 hours.
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 opaque tokenomics. CoinMarketCap reported the circulating supply as 999.8 million tokens. However, the charting website highlighted that the project’s self-reported supply was close to 877 million tokens.
The post Memecoins Fail To Notice Bearish Crypto Market appeared first on CoinChapter.