BODEN Maintains Uptick as Memecoins Frazzle
Memecoins were among the biggest losers in the market as cryptocurrencies recorded huge outflows within the week. However, a slew of assets stood out with massive gains in the last seven days as sentiments ran through investors.
Jeo Boden (BODEN), a memecoin inspired by the United States President Joe Biden is recording surging inflows with its community projecting more highs. BODEN is up 18% in the last 24 hours and a massive 97.2% this week. This week’s inflows surge gains in the previous 14 days to 243.9%.
BODEN’s impressive performance in recent weeks shows in its increasing daily volumes. The memecoin posted a $91 million 24-hour volume, a 55% jump to kick off the weekend. This comes amid gradual outflows seen throughout the meme market.
The Solana memecoin has risen over 2000% since its launch as it breaches new all-time highs.
Memecoins Enter Weekly Lows
BODEN soared amid sell-offs in the memecoin market heightened by reduced investor confidence and the bearish outlook of cryptocurrencies. Memecoin is down 6.4% today to a $7.3 billion market capitalization while the wider market is up 2% in the last 24 hours.
Assets like dogwifhat and BONK are up 1% and 5% respectively today but down 27.1% and 17% this week as Solana memecoin plunges. BOME also posted a 5% decline this week. MEW and MYRO extends the losing charts to 27.9 and 23.4% in the last seven days.
Popular asset SLERF which scored huge gains in the Solana memecoin frenzy traded in the opposite direction of BODEN. SLERF has lost 44.6% in the same period. Memecoin leaders Dogecoin and Shiba Inu are down 12% and 10% this week
Can BODEN Sustain?
BODEN’s growth comes with its community rallying around the asset with bullish predictions. A key point is the upcoming US presidential elections which the community uses as a driver for the asset.
While the asset continues its upward charge, it should be noted that falling memecoin prices might trickle into the asset.
Also Read: Top Crypto Losers of The Week
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