Crypto whales cause memecoin prices to jump

Crypto whales cause memecoin prices to jump

Crypto whales took advantage of an opportune time in mid-March to repurchase memecoins. The crypto market correction has also hit memecoins, leading to increased nervousness among crypto investors. Memecoins are generally known for their high volatility and often lack of specific benefits compared to established cryptocurrencies.

As a result of the price drops, some whales have invested significant amounts of money in memecoins such as SLERF, BOME and BODEN. These fun currencies were launched on the Solana blockchain and recorded heavy losses before whales intervened. For example, SLERF had lost 18 percent week-on-week, while BOME and BODEN had lost almost 40 percent.

BODEN, a politically themed memecoin on the Solana blockchain, attracted particular interest due to the US presidential election. With a cartoonish drawing and a recent launch, BODEN caught the attention of crypto whales. In addition to the memecoins mentioned, investors also invested significant amounts in DOGEVERSE, a multi-blockchain memecoin that can be traded on six different blockchains.

Overall, crypto whale activity in the memecoin market reflects the ongoing interest and speculation in the crypto world. It remains to be seen how the prices of these memecoins will develop in the coming weeks and months, especially given the ongoing volatility and the general market situation.