As cryptocurrency assets hit weekly lows, the forecast for the market as a whole is in the red zone. As investor mood declines, asset prices decline, according to on-chain data. Some cryptocurrency assets, however, are defying the negative trend and have seen significant rises over the past few weeks.
Because of their nature, memecoins are trading against the market even as the bearish trend persists. Memecoins typically see a surge in price during periods of increased market inflow.
While some memecoins are still losing money, others have increased by more than 50%.
The major cryptocurrency assets listed below are trading against the current trend.
Dub Duck
Over the past seven days, dub duck has continued to be a cryptocurrency favorite. In the past 24 hours, the asset has increased by 60% despite a decline in the overall market. Considering the whole market, Dub Duck has recently seen enormous increases.
This week, the asset has increased by over 446% and over 600% in the last 14 days. The data indicates that Dub Duck has a $53,437 daily trading volume. With greater inflows, these low trade volumes can be interpreted as a bullish indicator.
Crow Knife
Crow with a knife has increased by more than 57.5% today, continuing its upward trend from the previous 30 days. As the community unites around the asset, its bullish impulse persists.
This week, despite lower inflows into other assets, Crow with Knife is up 594%. Because of the cryptocurrency asset’s increases, bulls have begun to speculate about where prices might go after Bitcoin’s halving of inflows.
Michi Coin
Despite a downturn in the larger cryptocurrency market, Michi Coin is up 44.6% today. This reflects Memecoin’s progress in the previous two. weeks. In the near run, Michi Coin continues to draw in increasing numbers of cryptocurrency bulls.
Investors seek to make inflows into rising assets while cryptocurrency assets continue to trade sideways following the Bitcoin Halving. This explains why memecoins are so popular, even though some have declined in value like other crypto assets.
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Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
