Trump rallies amid election debate, Bowden falls: What does this mean?

  • Trump's price has increased drastically in the last few days due to his increasing popularity.
  • Boden, Shibe and Doge saw a decline in price and market capitalisation.

After the popularity of dog-centric meme coins waned, other types of meme coins started taking their place and gaining everyone's attention.

election season

These were meme coins that were related to the upcoming US presidential election. Especially Trump and Boden, who saw huge increases in volume over the past few days.

These meme coins started gaining so much popularity that Trump emerged as the biggest gainer among the top 300 coins in the last 24 hours.

One reason for this would be the recent increase in social volume around TRUMP Coin.

The initial surge occurring around May 9 was caused by presidential candidate Trump's positive comments about the crypto sector.

There is no data available that could explain the reason for the second surge in TRUMP's social activity. However, the increase in social activity caused the price of TRUMP token to rise.

However, weighted sentiment for the TRUMP token had declined significantly, indicating that negative comments about TRUMP were taking hold on social media channels.

At press time, TRUMP was trading at $7.02 and its price had increased by an impressive 17% in the last 24 hours. Additionally, the volume at which TRUMP was trading increased by 42% during this period.

MAGA TRUMP 12.14.21 13 May 2024

Source: Sentiment

However, holders of BODEN did not have the same luck. The price of BODEN has declined by 6.99% in the last 24 hours. This kind of volatility can be expected around these memecoins until the 2024 elections in the US are over.

How are DOGE and SHIB?

The popularity of these new memecoin tokens could erode the market share of popular meme coins like DOGE and SHIB.

AMBCrypto's analysis of Sentiment's data revealed that the market caps of both DOGE and SHIB have declined significantly over the past few days.

Realistic or not, here is SHIB's market cap in DOGE terms

Additionally, the velocity around DOGE dropped significantly, indicating decreasing trading frequency. Despite the decline in market capitalization, SHIB's momentum remained relatively high.

As the popularity of election-based meme coins wanes, it is likely that traders will turn their attention to more traditional meme coins in the market.

Dogecoin DOGE 12.40.33 13 May 2024

Source: Sentiment

Leave a Comment

“The Untold Story: Yung Miami’s Response to Jimmy Butler’s Advances During an NBA Playoff Game” “Unveiling the Secrets: 15 Astonishing Facts About the PGA Championship”