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The memecoin market is ablaze once again after recent market downturns dealt a severe blow to Bitcoin ($BTC) and altcoins in particular. The past week saw $WIF, $BONK, $BRETT, and $MOG gain back significant ground.
The market at large recently underwent an uncomfortable downturn, which saw $BTC briefly dip to $58,500. Negative sentiment and macroeconomic concerns caused panic among investors, heavily affecting prices.
Memecoins Regain Strength
The crypto market recently underwent a significant downturn, which caused panic among investors and massive market sell-offs. On Monday, it appeared the considerable spread of contagion had settled mainly. All is, however, not recovered as the current session sees $BTC trade $62,784. Despite Bitcoin’s lacklustre performance, memecoins have regained considerable strength over the past seven days.
Dogwifhat ($WIF) Sell-Off Slows
Dogwifhat ($WIF) suffered severely in the wake of the market decline. While it is not near its recent high of $4, $WIF managed to gain 36.25% in the seven-day chart, according to data from CoinMarketCap. $WIF currently trades at $2.22, up 10.22% over the past 24 hours, signalling that sell-offs have halted – at least for now.
Solana-Based $BONK Stands Its Ground
Solana-based memecoins have been performing exceptionally well in the 2024 bull run, delivering investors significant returns on their investments. Bonk ($BONK) is a market newcomer only launching in 2023. Since its launch, $BONK captured the attention of the entire crypto industry with its active community participation. Bonk’s popularity also increased because its capped token supply introduced scarcity to the memecoin industry.
At the time of writing, $BONK was up an impressive 21.71% over the 7-day chart, gaining 7.66% in the past day.
Base-Network $BRETT Showing Upside Potential
Base memecoins are threatening Solana-based memecoin’s dominance this year. Coinbase’s newly launched layer-2 blockchain, Base, saw an immense rise in on-chain activity, and Base-based memecoins are surging at lightning speed. The network’s biggest memecoin, Brett ($BRETT), quickly emerged on the must-watch list, with a market cap of almost $1.5 billion.
$BRETT has had an impressive show in the last week and is trading up by 22.45%. $BRETT has gained 6.33% over the 24-hour chart.
Keep An Eye on Mog Coin ($MOG)
MOG Coin ($MOG) defied market odds in June, and according to data from CoinMarketCap, it gained 37% in the past month, a whopping 68.9% in the past week, and 7.67% in the past 24 hours. $MOG is a memecoin unlike any other, but it stays true to meme fashion. The project is passionate about memes and viral content and aims to give users pure, unadulterated humour.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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