It even hit its monthly low of $58,554 on June 24. However, in this recession environment, an unexpected development occurred. Memecoins defied the crypto market and reversed the trend, achieving double-digit gains in the last 24 hours.

Prior to this rise, memecoins were among the biggest losers in the crypto market, which continues to bleed. While Dogecoin mirrored Bitcoin’s stagnation, the Shiba Inu made minimal progress, much to the disappointment of its investors. However, this situation has opened a window of opportunity for new memecoins, especially those that have emerged recently.

Solana-based Popcat (POPCAT) made an incredible leap by taking advantage of this opportunity. With a 50% increase on the 24-hour chart, POPCAT managed to attract the attention of memecoin investors. Similarly, Mog Coin (MOG) was also on the rise, experiencing a 39% price increase.

The effects of this rise were not limited to investors’ earnings. It also caused those who said the meme craze was over to tone down their voices after the recent decline. Memecoins managed to get back into the news cycle with this sudden rise.

Upon closer look, we see that traditional memecoins are slightly behind in this rise. For example, Dogwifhat (WIF), which made headlines earlier this year by reaching a market cap of $4 billion, fell to $1.47 earlier in the week. This figure represented the monthly lowest level. However, the rally that took place on June 25 also had a positive impact on WIF.

Memecoin is up over 25% to recoup most of the past week’s losses. WIF, which rose from a daily low of $1.47 to a daily high of $1.94, was trading around $1.83 at the time of writing.

Besides WIF, PEPE, another major memecoin ranked in the top 50 cryptos in terms of market cap, also recorded double-digit growth in the last 24 hours. The price of PEPE increased from a daily low of 0.00001028 to a daily high of 0.00001198, an increase of 13%. This rise can be considered as another indicator that the memecoin market is following a positive trend in general.

This season’s popular memecoins such as Floki (FLOKI) and Bonk also had their share of the rise. FLOKI achieved a growth of 11%, while Bonk recorded an increase of 16%.

This sudden rise of Memecoins has once again revealed how dynamic and unpredictable the cryptocurrency market can be. While leading cryptocurrencies such as Bitcoin are stagnating, memecoins can offer surprising returns to their investors. However, it should be noted that the memecoin market is quite volatile.

It remains unclear how long this rise will last. While turning to traditional cryptocurrencies may be a safer bet for long-term investment strategies, memecoins appear to continue to offer short-term profit opportunities for investors with a high risk appetite.