Memecoins
TRUMP rallies, BODEN falls into electoral turmoil: what does it mean?
- In recent days the price of TRUMP has increased significantly due to growing popularity.
- BODEN, SHIB and DOGE expect a decline in price and market capitalization.
After the popularity of dog-focused meme coins started to decline, another type of meme coins started to take their place and get all the attention.
Election season
These were meme coins related to the upcoming US presidential election. Especially TRUMP and BODEN, who have seen massive growth in recent days.
These meme coins started gaining so much popularity that TRUMP emerged as the highest winner among the top 300 coins in the last 24 hours.
One reason for this could be the recent spikes in social volume around the TRUMP coin.
The initial spike that occurred around May 9 was caused by presidential candidate Trump’s positive comments on the cryptocurrency industry.
There is no data available that can explain the cause of the second peak of social activity for TRUMP. However, that surge in social activity caused the price of the TRUMP token to skyrocket.
However, weighted sentiment for the TRUMP token dropped significantly, indicating that negative comments about TRUMP were gaining traction across social media channels.
At the time of writing, TRUMP was trading at $7.02 and its price had increased by an impressive 17% in the past 24 hours. In addition to that, TRUMP’s trading volume grew by 42% during this period.
Source: Santimento
BODEN owners, however, were not so lucky. In the last 24 hours the price of BODEN fell by 6.99%. This type of volatility around these memecoins is to be expected until the end of the 2024 US elections.
How are DOGE and SHIB?
The popularity of these new memecoin tokens may erode the market share of more popular meme coins such as DOGE and SHIB.
Analysis of Santiment data by AMBCrypto revealed that the market capitalization of both DOGE and SHIB has declined significantly in recent days.
Realistic or not, that’s it The market capitalization of SHIB in DOGE terms
Along with this, the velocity around DOGE has decreased significantly, indicating the decrease in trading frequency. Despite the decline in market capitalization, SHIB’s velocity has remained relatively high.
As the popularity of election-based meme coins wanes, there is a possibility that traders will turn their attention back to the more traditional meme coins on the market.
Source: Santimento