- 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.
After the popularity of dog-centric meme coins started to wane, another type of meme coins started to take their place and began grabbing all the attention.
Election season
These were meme coins that were related to the upcoming U.S. presidential elections. Especially TRUMP and BODEN, which witnessed massive amounts of growth over the last few days.
These meme coins began to garner so much traction that TRUMP emerged as the highest gainer among the top 300 coins in the last 24 hours.
One of the reasons for the same would be the recent spikes in the social volume around the TRUMP coin.
The initial spike that occurred around the 9th of May was caused by presidential candidate Trump’s positive comments around the crypto sector.
There is no data available that could explain the cause for the second spike in social activity for TRUMP. However, that surge in social activity caused the price of the TRUMP token to soar.
However, the Weighted Sentiment for the TRUMP token had declined significantly, indicating that negative comments around TRUMP were gaining traction across social media channels.
At press time, TRUMP was trading at $7.02 and its price had surged by an impressive 17% in the last 24 hours. Coupled with that, the volume at which TRUMP was trading at had grown by 42% during this period.
Source: Santiment
Holders of BODEN however, didn’t have similar luck. In the past 24 hours, the price of BODEN fell by 6.99%. This kind of volatility around these memecoins is to be expected till the U.S. 2024 elections come to an end.
How are DOGE and SHIB doing?
The popularity of these new memecoin tokens can eat away at the market share of popular meme coins such as DOGE and SHIB.
AMBCrypto’s analysis of Santiment’s data revealed that the market cap of both DOGE and SHIB had declined significantly over the last few days.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
Coupled with that, the velocity around DOGE fell significantly, indicating the declining frequency of trading. Despite the waning market cap, SHIB’s velocity remained relatively high.
As the popularity of the election-based meme coins wanes, there is a possibility that traders will turn their attention back to the more traditional meme coins in the market.
Source: Santiment
Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
