Meme Coins Break Bearish Trend with Double-Digit Gains

Meme Market Volatility and Resurgence

Meme coins have experienced significant volatility recently, with Dogwifhat (WIF) losing its top 50 crypto status and Rizz (RIZZ) facing a dramatic price crash during a livestream. However, the meme coin market has seen a resurgence with double-digit growth over the past 24 hours.

WIF Drops Out of Top 50

Despite a recent surge, meme coins had previously faced significant losses. Dogwifhat (WIF) dropped out of the top 50 cryptocurrencies by market cap on June 23rd after a 38% price decline in seven days. Its market cap fell by 9% to around $1.60 billion, allowing Fantom (FTM) to surpass it.

However, WIF has recovered somewhat over the past 24 hours, with its price climbing by 16.33%. It remains the fourth largest meme coin by market cap, behind Pepe (PEPE) with a market cap of $4.9 billion.

Rizz Meme Coin Crashes

Rizz (RIZZ) also experienced a significant downturn. During a live presentation on X, the meme coin's value unexpectedly plummeted by almost 90% in front of shocked viewers. It emerged that developers from Singapore, known for their involvement in abandoned meme coins, may have been behind the crash. They reportedly controlled a large portion of the supply and liquidated their holdings early on.

Meme Coin Comeback

Despite the setbacks, meme coins have rebounded in recent days, breaking out of a week-long bearish trend. Dogecoin (DOGE) has gained over 4%, while Shiba Inu (SHIB) has increased by 1.97%. Newer meme coins, such as Popcat (POPCAT) and Mog Coin (MOG), have also surged.

Derulo's Token Drama

Jason Derulo, the American singer, sold a significant amount of his newly launched JASON crypto token despite initially claiming that he would not. According to Bubblemaps, a co-creator of the token admitted it was part of an orchestrated plan. Wallets associated with Arora, the co-creator, allegedly held half of JASON's supply and dumped nearly all of it, making a substantial profit. Bubblemaps also identified a wallet allegedly belonging to Derulo that received tokens directly from Arora and sold them.

50 Cent's GUNIT Crypto Scam

Renowned rapper 50 Cent claimed that his X account and website were hacked, leading to the promotion of a pump-and-dump scam involving a meme coin called GUNIT. Fraudulent developers created the token and exploited 50 Cent's large following to inflate its price before draining its value. Jackson informed his followers that he was not associated with the crypto in any way.