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July 24, 2024
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Solana-Based Memecoins, Slerf And Book Of Meme (BOME) Decline As Hype Fades

The post Solana-Based Memecoins, Slerf And Book Of Meme (BOME) Decline As Hype Fades appeared first on Coinpedia Fintech News

In today’s crypto trend, the madness is around Solana-based meme coins. These coins, linked to internet memes and deployed on the Solana blockchain, stir controversy amid massive pumps. Viewed by some as vehicles for scams, yet seen by others as opportunities for big gains. However, the current buzz around the recently launched Slerf and Book of Meme coins, seems to decline as they lose buying demand following robust pump.

Solana Memecoins’ Hype Cools Down

As meme coins gain momentum, several analysts have voiced concerns over the rise of meme coin pre-sales on the Solana blockchain. This alarm is sounded as coins such as “Slerf” become popular and the pre-sale of “areyoustupid.sol” leads to increased transaction fees and on-chain activity on the Solana network.

Analysts suggest that the strategies that aim for fast profits, similar to the 2018 ICO bubble, fail to advance the industry’s growth, urging caution against such approaches. The growing excitement around Solana meme coins is a warning sign, given their lack of a clear development plan and their price spikes driven by major investors. This often leads to significant losses for smaller investors when the market trends downward.

In the past day, the price of Slerf soared by more than 100% but then fell from its high of $1.4 following a wave of liquidations. Meanwhile, the price of Book of Meme (BOME) skyrocketed by over 1200% in four days, but the hype has since faded, tempering its rapid surge.

Slerf Price Analysis

Slerf price fell beneath the 20-day Exponential Moving Average (EMA) priced at $0.93, signifying a weakening in bullish momentum. However, attempts by buyers to initiate a comeback were successful in surpassing the 20-day EMA level. This suggests continuous support from the bulls.

Bulls are strongly defending a decline below $0.7, sending the price above $1 again. However, sellers remain active near higher levels, exerting pressure on the price chart. This trend suggests that the Slerf price might continue to trade within a range-bound zone.

If the price declines below $0.7, it might create a dump situation as a large number of holders will rush to liquidate their gains.

Book Of Meme (BOME) Price Analysis

BOME’s price dipped below the EMA trend lines and touched the low of $0.009. However, buyers successfully defended that level and trigger an upward push.

Buyers are sending the price above the descending resistance line. If successful, we might see BOME’s price heading toward the initial resistance of $0.02. However, bears will strongly prevent a surge from that level. A drop below $0.008 will trigger bearish pressure on BOME.

To avert such a downturn, bulls are challenged to drive and keep the price above $0.02. Succeeding in this could stabilize the pair within the trading range of $0.2 to $0.27 for an extended period.

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