Misspelled celebrity meme coins like Jeo Boden, Danold Tromp and Olen Mosk have caused a buying frenzy among Solana users.
Interest in the segment arose after improving sentiment in the market as a whole contributed to a two- to three-digit jump in prices within the week for DOGE, SHIB, BONK, PEPE and WIF.
In their early days, these “funny” Uncle Dolan-inspired meme coins skyrocketed in value.
Thus, the Jeo Boden rate soared by ~12,000%, and its capitalization reached $49 million. Interest could arise in connection with the upcoming message of US President Joe Biden to Congress on March 7 with a report on the state of the country.
Those wishing to take profits should take into account the low liquidity of assets. For example, Jeo Boden’s daily turnover is $250,000, Danold Tromp’s is $75,000.
Martin Lee of Nansen Data, in a commentary for The Block, attributed FOMO to low transaction fees.
“Solana is a low-cost network that creates a much friendlier environment for traders further along the risk curve. Betting extremely small on highly speculative assets is a popular strategy when gas fees are only a couple of cents,” he explained.
According to the expert, the higher the price of major cryptocurrencies, the further some traders tend to move from the risk curve.
“With major digital assets like Bitcoin, Ethereum and Solana recovering quickly, confidence in the market remains high and traders are looking for greater profits,” he added.
According to CoinGecko, the capitalization of the meme-coin sector decreased by 4.5% over the past 24 hours, to $54.4 billion. Over the past seven days, the figure has increased by 74.2%. #Eth #mistersailer