diff --git a/src/anyio/streams/memory.py b/src/anyio/streams/memory.py
index bee369ca..edc19e4e 100644
--- a/src/anyio/streams/memory.py
+++ b/src/anyio/streams/memory.py
@@ -1,6 +1,6 @@
 from collections import deque, OrderedDict
 from dataclasses import dataclass, field
-from typing import TypeVar, Generic, List, Deque, Tuple
+from typing import TypeVar, Generic, List, Deque
 
 from .. import get_cancelled_exc_class
 from .._core._lowlevel import checkpoint
@@ -18,7 +18,8 @@ class MemoryObjectStreamState(Generic[T_Item]):
     buffer: Deque[T_Item] = field(init=False, default_factory=deque)
     open_send_channels: int = field(init=False, default=0)
     open_receive_channels: int = field(init=False, default=0)
-    waiting_receivers: Deque[Tuple[Event, List[T_Item]]] = field(init=False, default_factory=deque)
+    waiting_receivers: 'OrderedDict[Event, List[T_Item]]' = field(init=False,
+                                                                  default_factory=OrderedDict)
     waiting_senders: 'OrderedDict[Event, T_Item]' = field(init=False, default_factory=OrderedDict)
 
 
@@ -66,34 +67,17 @@ async def receive(self) -> T_Item:
             # Add ourselves in the queue
             receive_event = create_event()
             container: List[T_Item] = []
-            ticket = receive_event, container
-            self._state.waiting_receivers.append(ticket)
+            self._state.waiting_receivers[receive_event] = container
 
             try:
                 await receive_event.wait()
             except get_cancelled_exc_class():
-                # If we already received an item in the container, pass it to the next receiver in
-                # line
-                index = self._state.waiting_receivers.index(ticket) + 1
-                if container:
-                    item = container[0]
-                    while index < len(self._state.waiting_receivers):
-                        receive_event, container = self._state.waiting_receivers[index]
-                        if container:
-                            item, container[0] = container[0], item
-                        else:
-                            # Found an untriggered receiver
-                            container.append(item)
-                            await receive_event.set()
-                            break
-                    else:
-                        # Could not find an untriggered receiver, so in order to not lose any
-                        # items, put it in the buffer, even if it exceeds the maximum buffer size
-                        self._state.buffer.append(item)
-
-                raise
+                # Ignore the immediate cancellation if we already received an item, so as not to
+                # lose it
+                if not container:
+                    raise
             finally:
-                self._state.waiting_receivers.remove(ticket)
+                self._state.waiting_receivers.pop(receive_event, None)
 
             if container:
                 return container[0]
@@ -151,13 +135,11 @@ async def send_nowait(self, item: T_Item) -> None:
         if not self._state.open_receive_channels:
             raise BrokenResourceError
 
-        for receive_event, container in self._state.waiting_receivers:
-            if not container:
-                container.append(item)
-                await receive_event.set()
-                return
-
-        if len(self._state.buffer) < self._state.max_buffer_size:
+        if self._state.waiting_receivers:
+            receive_event, container = self._state.waiting_receivers.popitem(last=False)
+            container.append(item)
+            await receive_event.set()
+        elif len(self._state.buffer) < self._state.max_buffer_size:
             self._state.buffer.append(item)
         else:
             raise WouldBlock
@@ -199,6 +181,7 @@ async def aclose(self) -> None:
             self._closed = True
             self._state.open_send_channels -= 1
             if self._state.open_send_channels == 0:
-                receive_events = [event for event, container in self._state.waiting_receivers]
+                receive_events = list(self._state.waiting_receivers.keys())
+                self._state.waiting_receivers.clear()
                 for event in receive_events:
                     await event.set()
diff --git a/tests/streams/test_memory.py b/tests/streams/test_memory.py
index 4c5f0f8b..a37d1931 100644
--- a/tests/streams/test_memory.py
+++ b/tests/streams/test_memory.py
@@ -231,10 +231,9 @@ async def test_cancel_during_receive():
     async def scoped_receiver():
         nonlocal receiver_scope
         async with open_cancel_scope() as receiver_scope:
-            await receive.receive()
+            received.append(await receive.receive())
 
-    async def receiver():
-        received.append(await receive.receive())
+        assert receiver_scope.cancel_called
 
     receiver_scope = None
     received = []
@@ -242,34 +241,7 @@ async def receiver():
     async with create_task_group() as tg:
         await tg.spawn(scoped_receiver)
         await wait_all_tasks_blocked()
-        await tg.spawn(receiver)
+        await send.send_nowait('hello')
         await receiver_scope.cancel()
-        await send.send('hello')
 
     assert received == ['hello']
-
-
-async def test_cancel_during_receive_last_receiver():
-    """
-    Test that cancelling a pending receive() operation does not cause an item in the stream to be
-    lost, even if there are no other receivers waiting.
-
-    """
-    async def scoped_receiver():
-        nonlocal receiver_scope
-        async with open_cancel_scope() as receiver_scope:
-            await receive.receive()
-            pytest.fail('This point should never be reached')
-
-    receiver_scope = None
-    send, receive = create_memory_object_stream()
-    async with create_task_group() as tg:
-        await tg.spawn(scoped_receiver)
-        await wait_all_tasks_blocked()
-        await receiver_scope.cancel()
-        await send.send_nowait('hello')
-
-    with pytest.raises(WouldBlock):
-        await send.send_nowait('world')
-
-    assert await receive.receive_nowait() == 'hello'