- TRUMP token’s price declined significantly as its popularity waned
- BODEN, on the other hand, hiked on the charts
As a seasoned crypto investor with a keen interest in memecoins and their association with political events, I’ve been closely monitoring the price movements of TRUMP and BODEN over the past few days.
The excitement surrounding memecoins has become a notable factor in the 2024 U.S Presidential Elections, as coins linked to Biden and Trump have experienced noticeable price fluctuations in recent days.
TRUMP holders lose money
Trump’s price for this specific cryptocurrency had been topping the charts for several weeks. Suddenly, it experienced a steep decline of 11% within a day. Surprisingly, though, the overall market trend for this altcoin has continued its upward trajectory. Many investors view this sudden drop as an aberration, as prior to the last 24-28 hours, starting from May 9th, the crypto had experienced substantial growth and reached new highs in both price and lows.
That being said, TRUMP’s indicators pointed to a different story.
The Chaikin Money Flow (CMF) noticeably declined, signaling that a considerable amount of money has been exiting market A. Additionally, a decreasing CMF suggests strong selling pressure within the market.
Along with this, the On Balance Volume (OBV) for TRUMP showed a decrease. A decreasing OBV suggests that the volume driving price changes for this asset may be more from sellers than buyers. This could signal waning bullishness and potentially weaker prices ahead.
One of the reasons behind TRUMP’s price falling on the charts would be its declining social volume.
According to AMBCrypto’s examination of Santiment’s findings, there was a reduction in the quantity of social discourse surrounding TRUMP. Furthermore, the sentiment weighting took a downturn, suggesting an increase in negative tone on various social media outlets.
Some positives for TRUMP
It’s important to note that TRUMP’s network expansion showed a significant increase in the graphs. In simpler terms, there was a notable rise in the number of new addresses adopting TRUMP.
Additionally, the velocity at which TRUMP was being traded appreciated too.
Taken together, these factors could help TRUMP see a change in its price trajectory going forward.
Contrastingly, BODEN has experienced significant growth in the past week. The value of BODEN has increased by approximately 40.40% within the last 7 days. Currently, BODEN is being exchanged for around $0.4347 per unit.
As a analyst, I can only speculate about the performance of the “Presidential” tokens in the upcoming elections, which are yet to take place several months from now.
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2024-05-18 05:11