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One of the closely followed cryptocurrency analysts has turned his attention to the US presidential elections. The analyst commented that two meme coins could rise ahead of the US presidential elections in November.
Analyst’s Meme Coin Comments
Altcoin Sherpa, a well-known crypto analyst, told thousands of users on the social media platform X that the MAGA (TRUMP) and Jeo Boden (BODEN) meme tokens could show better price performances due to the excitement of the election year.
Firstly, it should be noted that the meme coin named TRUMP is inspired by the former president and re-candidate Donald Trump. It can be said that BODEN is inspired by Joe Biden, who is running against Trump again. The misspelling of the name here does not go unnoticed.
My current meme strategy: focus on one sector, US politics. I own TRUMP and want to buy BODEN. When election events really start later this year, this should be the biggest narrative. Trump will be constantly in the news doing his usual antics.
Meanwhile, the analysis platform Santiment, which reviews meme coins, reveals a clear correlation between the price movements of the two meme coins and the behaviors of the candidates in real life.
Most references to these recent meme coin rises go to Donald Trump and his crypto-friendly endorsements. As seen, Trump’s words, along with Biden, who traders fear for his anti-crypto policies, have driven the cryptocurrency to rise near its local bottom.
Price Outlook for Meme Coins
Examining the meme coins highlighted by the analyst, TRUMP has risen more than 11% in the last 24 hours and is currently trading at $5.40. TRUMP’s market cap has exceeded $265 million, while its trading volume is only $7 million.
BODEN, on the other hand, finds buyers at $0.3219 following a 10% increase, boosting its market cap to $240 million. Despite the price increase, BODEN’s 24-hour trading volume has dropped by 50% to $13 million.
Despite the significant buzz that such meme coins generate in the market ahead of the presidential elections in November, it is important to remember that they also bring big question marks. While meme coins are inherently very risky, they can also witness significant gains. Nevertheless, investors should be cautious about potential sharp declines for their own and their investments‘ benefit.
