- TRUMP token’s price declined significantly as its popularity waned
- BODEN, on the other hand, hiked on the charts
Memecoin frenzy is now part of the 2024 U.S Presidential Elections, with tokens associated with both Biden and Trump seeing significant volatility over the last few days.
TRUMP holders lose money
After weeks of leading this particular chart, TRUMP’s price fell by 11% in just 24 hours. Despite the fall in price, however, the altcoin’s larger market trend has remained positive. In fact, many would see the said episode as an anomaly as outside of the last 24-28 hours, since 09 May, the crypto has hiked significantly while hitting multiple higher highs and higher lows.
That being said, TRUMP’s indicators pointed to a different story.
For instance, the CMF (Chaikin Money Flow) fell significantly, indicating that money has been flowing out of its market A falling CMF also underlined the presence of high selling pressure.
Coupled with that, the OBV (On Balance Volume) for TRUMP declined too. A falling OBV indicates that the volume behind an asset’s price movements may be dominated by selling. This can be interpreted as a sign of diminishing bullish sentiment and potential weakness in the price.
Source: Trading View
One of the reasons behind TRUMP’s price falling on the charts would be its declining social volume.
In fact, AMBCrypto’s analysis of Santiment’s data revealed that the number of social comments around TRUMP fell. Also, the weighted sentiment decreased too, indicating a surge in negativity across all social media platforms.
Source: Santiment
Some positives for TRUMP
It’s worth pointing out, however, that TRUMP’s network growth did hike on the charts. Simply said, the number of new addresses accumulating TRUMP grew.
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.
Source: Santiment
BODEN, on the other hand, has been doing relatively well. In the last 7 days alone, the BODEN’s price has risen by 40.40%. At press time, BODEN was trading at $0.4347.
With the actual elections still a few months away, only time will tell which of these “Presidential” tokens does best.