- TRUMP’s price gains massively in the last few days due to rising popularity.
BODEN, SHIB, and DOGE see a decline in price and market cap.
As a crypto investor with some experience under my belt, I’ve seen my fair share of market fluctuations and meme coin trends. The recent surge in popularity for election-related meme coins like TRUMP has been quite intriguing. While this new trend has brought massive gains to coins like TRUMP, it seems that other popular meme coins such as BODEN, SHIB, and DOGE have seen a decline in price and market cap.
As a researcher observing the crypto market trends, I’ve noticed that the hype surrounding dog-themed meme coins started to decline, paving the way for new types of meme coins to capture everyone’s attention.
Election season
Meme coins linked to the forthcoming US presidential elections saw significant surge in value recently. Notably, TRUMP and BODEN experienced substantial growth during the past few days.
As a crypto investor, I’ve noticed an intriguing development in the meme coin market. Within the past day, these playful digital assets have gained significant attention, leading me to discover that TRUMP was the top performer among the top 300 coins.
The Trump coin has seen a surge in social media buzz, which is one explanation for the current situation.
As a crypto investor, I’d describe it this way: Around the 9th of May, I noticed an unexpected surge in the cryptocurrency market. This spike can be attributed to presidential candidate Trump’s encouraging remarks about the crypto sector. His positive statements likely fueled optimism among investors, leading to increased buying and price growth.
The cause behind the second wave of heightened social activity surrounding TRUMP remains unexplained by the current data. Yet, this social buzz significantly contributed to the sharp increase in the value of the TRUMP token.
I’ve noticed a concerning trend with the TRUMP token’s Weighted Sentiment. It has taken a sharp downturn, suggesting an increase in negative chatter surrounding this cryptocurrency on social media platforms.
At the current moment of reporting, TRUMP was priced at $7.02. Intriguingly, its value increased by a significant 17% over the past 24 hours. Moreover, there was a noticeable uptick in trading volume, with a 42% increase during this timeframe.
Individuals holding BODEN coins experienced a different fate in the previous day. The value of BODEN dropped by 6.99% within a 24-hour period. Such price fluctuations around memecoins are typical until the U.S. 2024 elections conclude.
How are DOGE and SHIB doing?
New memecoin tokens are gaining significant traction in the market, potentially reducing the dominance of established meme coins like DOGE and SHIB.
As a crypto investor, I’ve been keeping an eye on the latest market trends and analyzed the data from AMBCrypto using Santiment’s insights. Notably, I observed a substantial decrease in the market capitalizations of Dogecoin (DOGE) and Shiba Inu (SHIB) over the past few days.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
As a crypto investor, I’ve noticed that the hype surrounding DOGE has significantly decreased, leading to a noticeable drop in trading frequency or velocity. On the other hand, SHIB‘s velocity remains quite robust despite its shrinking market capitalization.
With the decline in hype surrounding election-themed meme coins, it’s plausible that traders may once again focus on the established meme coins present in the cryptocurrency market.
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2024-05-13 13:43