The price of Bobo Coin (BOBO) has risen by over 200% in the past 24 hours, with its jump to $0.000000050417 representing a massive 3,000% since it first listed on Uniswap a couple of months ago.
This makes BOBO the latest in a growing list of meme tokens to have comfortably outperformed the market at times this year, although it remains about 23% down from its all-time high of $0.000000065803, which was recorded in early May.
This was when 2023’s meme token craze was at its peak, with BOBO being one among many that has struggled to maintain its former highs, even if it has spiked today.
Yet while such meme tokens as BOBO appear to have already enjoyed their biggest rallies, some newer meme tokens still have their best days ahead of them, including Wall Street Memes (WSM), which has raised over $11.5 million in its presale.
Bobo Coin Rallies Up 3,000% on Dextools but All Attention is on Wall Street Memes as the Next Crypto to Explode
Bobo has likely risen in the past 24 hours largely because of a mini-resurgence for meme tokens in general, with Pepe (PEPE) also up by 7% in the past hour and by 73% in the last 14 days.
As such, some market watchers believe that BOBO is basically riding the wave of renewed interest in meme tokens, with one possible interpretation of its out-performance of PEPE being that it has much lower liquidity and so is easier to pump.
This market-wide recovery for meme tokens has worked in BOBO’s favor, with the token among the most-trending cryptocurrencies in the market today.
Of course, as with most other new meme tokens, BOBO has basically nothing going for it in terms of fundamentals, meaning that it’s pretty vulnerable to a correction downwards, despite its joys today.
More cautious traders may therefore prefer to look at something that has more of an assurance of rallying big in the future, especially when BOBO’s 200% spike today would imply that it should correct very soon.
The thing is, it’s normally very hard to predict which new meme token will rise to top, given just how indistinguishable from each other most of them are.
However, there is one exception to this general rule, which is that presales can often provide investors with forewarning of which newer meme tokens are likely to rally big.
This is because, if a meme token has raised plenty of money in a presale, it’s usually a good sign that the market is interested in it, and that it will rally considerably once it lists on exchange.
A prime example of just such a coin is Wall Street Memes (WSM), a new meme token that has raised more than $11.5 million in its presale, which began around a month ago.
Associated with the meme stocks movement that instigated the infamous GameStop and AMC rallies in 2021, WSM’s impressive presale total (so far) indicates that it has already been successful in attracting a strong community of followers and holders.
Indeed, its official Twitter account now has just over 255,000 followers, which is certainly some way ahead of Bobo Coin’s more modest 6,200+.
It has been able to accumulate such a following because it has genuine links with the meme stocks movement (e.g. its Twitter account has been active since 2019), whereas meme tokens such as Bobo Coin have more or less come out of nothing.
This stands it in much better stead for the future, and with the token not yet listed on exchanges, there’s no doubt that its best rallies are ahead of it.
Investors can join its presale by navigating to the official Wall Street Memes website and linking their crypto wallets, with WSM currently costing $0.0307.
This will rise to $0.0337 by the time the sale reaches its 30th and final stage, although WSM’s already-thriving community likely means that it will rise much higher once it gains some exchange listings.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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