- Meme coins surged by 7.54%, with DOGE up 4.7%, PEPE 10.7%, and BRETT 18.3%.
- New meme coins MOG Coin and MEW gained 24.5% and 7.6%, respectively.
- Bitcoin dropped below $61,000 for the first time since May, hitting $58,118.
Following the cryptocurrency market’s downtrend in the past week, memcoins are resurging, highlighted by price gains within the sector. The meme coin sector rose by 7.54% in the recent intraday session, with popular meme coins and other newcomers printing green figures.
Dogecoin (DOGE) rallied by 4.7%, trading at $0.12363, while Pepe (pepe) rose by 10.7% to 0.00001. Base Chain’s mascot, Brett (BRETT), also printed an 18.30% increase, reaching $0.15670. In the same time frame, new meme coins such as MOG Coin (MOG) and Cats in a Dogs World (MEW) gained 24.5% and 7.6%, respectively.
On Monday, the meme coin market dipped by 7% as the entire cryptocurrency market witnessed a correction. Similarly, the sector’s popular assets saw their prices slip, including larger-cap meme coins such as DOGE, SHIB, PEPE, FLOKI, and BRETT.
Additionally, low-cap meme coins posted more significant price dips. For example, RYU slid by 79%, while ANDY and MUMU each lost 25%.
Meanwhile, Bitcoin dropped below 61,000 for the first time since May 13, hitting 58,118. Market commentators attributed the downturn to Mt. Gox creditor compensation, which is set to start in July.
As a result of the market slip, $315 million in leveraged positions liquidated over the next 24 hours, with BTC accounting for 41% of the amount. Ethereum also slipped below the $3,300 mark as the bears targeted the $3,000 support level.
As of press time, Bitcoin is changing hands at $61,414, rallying by 0.15% over the last intraday session. Plus, it is positioned 5.63% above its 200-day simple moving average (SMA) of $68,063. According to Coincodex’s price prediction, Bitcoin is expected to rise by 34.80% by July 25, reaching $82,445.
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