- BODEN and TRUMP pump significantly as the U.S. elections come closer.
- Social volume for tokens such as WIF, PEPE and SHIB declined.
The memecoin sector was one of the most popular spaces in the crypto space, however, in the last 24 hours, a majority of the coins in the sector saw red.
Surprisingly, Solana [SOL] memecoin Jeo Boden [BODEN] was the only top 15 memecoin that did not see red in the past 24 hours. At press time, BODEN was trading at $0.3479 and its price had grown by 18%.
Also, the TRUMP memecoin was trading at $6.23 and its price had surged by 43.07% in the last 24 hours.
As the U.S. presidential elections inch closer, the popularity of tokens such as TRUMP and BODEN may rise, whereas other meme coins may be affected negatively.
However, after the elections are over, the price of these tokens could crash significantly, which could result in massive losses for holders.
Source: X
The hype around these tokens could diminish the market share of popular meme coins such as SHIB, PEPE and WIF.
AMBCrypto’s analysis of Santiment’s data revealed that the social volume around all three of these tokens had declined significantly over the past three months.
WIF and PEPE had the lowest amount of Social Volume at the time of writing, while SHIB performed marginally better.
Source: Santiment
Another factor that can impact both SHIB, PEPE and WIF immensely would be the sentiment around these tokens.
The Weighted Sentiment for SHIB and PEPE was extremely high, indicating that positive comments around these tokens had surged significantly over the last few days.
However, WIF’s Weighted Sentiment had fallen significantly in the last few days, implying that criticisms around the token had soared materially.
The popularity and the sentiment around these tokens will play a great role in dictating what the future looks like for these tokens going forward.
Source: Santiment
Analyzing price movements
At press time, SHIB was trading at $0.00002274 and its price had fallen by 0.28% in the last 24 hours.
All three of these tokens’ price movements were heavily correlated and showed great similarity over the past few weeks.
After witnessing a price decline since the 25th of April, the prices of these tokens continued to go down till the 1st of May. After this, there was a slight resurgence in terms of price for all tokens.
Source: Santiment
The future price movement of these tokens will also rely heavily on the surrounding momentum.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
The RSI (Relative Strength Index) for all these tokens moved in tandem over the last few weeks, and surged 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 for the tokens going forward.
Source: Santiment
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
