Solana
Solana-based BODEN beats SHIB, PEPE and WIF: impact on election season?
- BODEN and TRUMP are pumping significantly as the US elections approach.
- The social volume of tokens such as WIF, PEPE and SHIB has decreased.
The memecoin sector was one of the most popular areas in the crypto space, however, in the last 24 hours the majority of coins in the sector saw red.
Surprisingly, Solana [SOL] memecoin Jeo Boden [BODEN] was the only top 15 memecoin not to see red in the last 24 hours. At press time, BODEN was trading at $0.3479 and its price was up 18%.
Additionally, the TRUMP memecoin was trading at $6.23 and its price had surged 43.07% in the last 24 hours.
As the US presidential elections draw closer, the popularity of tokens such as TRUMP and BODEN could increase, while other coins could be negatively affected.
However, once the elections are over, the price of these tokens could drop significantly, which could lead to massive losses for holders.
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The hype around these tokens could diminish the market share of popular coins such as SHIB, PEPE and WIF.
AMBCrypto’s analysis of Santiment data revealed that social volume around these three tokens has declined significantly over the past three months.
WIF and PEPE had the lowest social volume at the time of writing, while SHIB performed slightly better.
Source: Santiment
Another factor that can have a huge impact on both SHIB, PEPE and WIF would be the sentiment around these tokens.
The weighted sentiment for SHIB and PEPE was extremely high, indicating that positive comments around these tokens have increased significantly over the past few days.
However, WIF’s weighted sentiment has dropped significantly over the past few days, implying that criticism around the token has increased significantly.
The popularity and sentiment around these tokens will play a significant role in determining the future of these tokens.
Source: Santiment
Analyze price movements
At press time, SHIB was trading at $0.00002274 and its price had fallen by 0.28% in the last 24 hours.
The price movements of these three tokens were highly correlated and showed great similarity over the past few weeks.
After experiencing a price drop since April 25, the prices of these tokens continued to decline until May 1. After that, there was a slight resurgence in the price of all tokens.
Source: Santiment
The future price development of these tokens will also depend heavily on the surrounding dynamics.
Read Shiba Inu [SHIB] Price prediction 2024-25
The RSI (Relative Strength Index) of all these tokens has moved in tandem over the past few weeks and has increased significantly. This meant that there was some bullish momentum behind the token’s recent price action.
However, a high RSI could also indicate overbought conditions, which could be detrimental to the tokens in the future.
Source: Santiment