Memecoins
“Jeo Boden,” Dogwifhat and Other Biden-Inspired Memecoins “Aim for New Highs,” Crypto Analyst Says
April 26, 2024 10:18 a.m. | 2 minutes of reading |
In a recent social media update, a well-known crypto analyst, Crypto dog, predicts bullish trend for memecoin Jeo Boden (CRYPTO: BODEN) And NEAR protocol (CRYPTO: CLOSE).
What happened: Crypto Dog predicts that BODEN is on the verge of a breakout after a period of consolidation, Daily Hodl reported THURSDAY. The memecoin has experienced a twenty-fold increase since the beginning of March.
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The analyst’s chart indicates that BODEN is currently testing a descending resistance level on its daily chart.
Crypto Dog also pointed out that several other memecoins including dogwifhat (CRYPTO: Wireless), show bullish signs.
“But not just WIF, a good handful of mid- and high-cap memecoins are aiming for new highs,” he said.
Regarding the NEAR protocol, Crypto Dog expressed bullish sentiment based on, among other factors, the artificial intelligence (AI) narrative. Co-founder of NEAR Illia Polosukhin previously said that AI would be “one of the leading verticals in the NEAR ecosystem by 2024.”
The analyst concluded: “…I still think NEAR will be in the lead over the next few weeks or even months. Structurally, this looks great, with the recent wiped out decline outperforming Bitcoin and even Solana.
See also: Bitcoin Veteran Warns Crypto Bears: “You Have No Idea How Crazy This Bull Run Is About to Get”
Why is this important: Memecoin BODEN, a parody of the President Joe Bidenexperienced an upward trend, recording a new all-time high and cross the $700 million mark in market capitalization At the beginning of April. The coin attracted the attention of supporters of both political parties, with a Solana (CRYPTO: GROUND) influencer predicting he would gain ground due to Biden’s slow pace.
Just days after its launch, an anonymous trader turned to an investment of $356,000 in BODEN in $5.8 million. This indicates the potential profitability of investing in meme coins.
Although many meme coins surpass the $1 billion market cap mark, only two have crossed the $10 billion threshold.
In the meantime, Strike CEO Jack Mallers predicted a potential seven-figure price tag for Bitcoin (CRYPTO: BTC) during the current cycle, driven by efforts to save the bond market.
Photo via Shutterstock
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