- Knowledge reveals that the cryptocurrency market typically falls when the recognition of meme cash will increase.
- Sure meme key phrases like PEPE, Child Doge, and Bobo are significantly vulnerable to this phenomenon
- In associated information, BOBO is down 16+% regardless of the latest surge in social media.
GotBit.io’s head of advisory companies shared a submit on Twitter yesterday about meme cash and their potential influence on the remainder of the cryptocurrency market. The person particularly referenced information from market intelligence agency Santiment.
Comparability of Pepe, Babydoge and Bobo frequencies (supply: Santiment)
In accordance with the submit, Santiment lately recognized a doable correlation between meme cash and market actions. Knowledge from the intelligence platform reveals that the cryptocurrency market typically falls when meme cash grow to be in style on social networks.
Sure meme key phrases corresponding to PEPE, Child Doge, and Bobo are significantly vulnerable to this phenomenon, as these cryptocurrencies typically rise in succession when the market falls. That appears to have been the case final week, because the above key phrases had been quite common and costs fell throughout the remainder of the crypto market, in keeping with Santiment.
PEPE worth (supply: CoinMarketCap)
Within the final 24 hours, the worldwide cryptocurrency market cap has elevated by round 0.75% within the final 24 hours and at the moment stands at round $1.2 trillion. Throughout this time, meme coin Pepe (PEPE) has gained greater than 15% in the day prior to this and is now buying and selling at $0.0000002764.
Child Doge (BabyDoge) is one other meme coin at the moment with a worth improve of 0.68% within the final day. In the meantime, the identical can’t be mentioned for Bobo (BOBO).
At press time, BOBO was down greater than 4% within the final day. The cryptocurrency’s weekly efficiency is even worse attributable to put on and tear, down 77.52% regardless of meme coin tendencies on social platforms.
Disclaimer: Views and opinions, in addition to all data shared on this worth evaluation, are revealed in good religion. Readers ought to do their very own analysis and do their due diligence. Any actions taken by the reader are strictly at their very own danger. Coin Version and its associates won’t be held responsible for any direct or oblique harm or loss.
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