New data Suggests Meme Coins Affect Market Movements
- Certain meme keywords like PEPE, Baby Doge, and Bobo are especially prone to this phenomenon
- In related news, BOBO is down by 16+% despite trending on social networks recently.
The Head of Advisory Services at GotBit.io shared a post on Twitter yesterday about meme coins and the possible effect they have on the rest of the crypto market. The user specifically referred to data from the market intelligence firm Santiment.
According to the post, Santiment has recently found that there is possibly a correlation between meme coins and market movements. The data from the intelligence platform suggests that the crypto market often drops when there is a surge in popularity for meme coins on social networks.
Certain meme keywords like PEPE, Baby Doge, and Bobo are especially prone to this phenomenon as these cryptocurrencies often take turns surging as the market falls. It seems like this was the case over the last week as the aforementioned keywords trended at very high frequencies while prices in the rest of the crypto market slipped according to Santiment.
In the last 24 hours, the global crypto market cap has risen around 0.75% over the last 24 hours and currently stands at approximately $1.2 trillion. During this time the meme coin Pepe (PEPE) saw a price increase of more than 15% in the past day to now trade hands at $0.0000002764.
Baby Doge (BabyDoge) is another meme coin in the green today after a 0.68% price increase over the last day. Meanwhile, the same cannot be said for Bobo (BOBO).
At press time, BOBO is down by more than 4% over the last day. The crypto’s weekly performance is even worse for wear and is down 77.52% despite the meme coin trending on social platforms.
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