Bobo Coin (BOBO) has certainly caught the attention of avid crypto-watchers, especially with its admirable leap of over 200% in the past 24 hours. This incredible surge has brought the meme token’s overall gain to a whopping 3,000% since its initial offering on Uniswap a few months ago. It’s impressive to see that BOBO has been able to stand head-and-shoulders above the market’s performance time and again this year.
The BOBO phenomenon begs the question, however, is it meritable for a meme token with negligible fundamentals to demonstrate such enormous gains? The coin currently sits approximately 23% below its all-time high of $0.000000065803 that was recorded in the initially hot month of May when meme tokens were all the rage. Yet, its momentous surge denotes that perhaps it’s piggybacking off the newfound interest in meme tokens.
It’s not alone in this trend. We can see that Pepe (PEPE), for instance, has grown by 7% in the last hour, and a staggering 73% in the last two weeks. BOBO, however, has exceeded the performance of PEPE, which some may attribute to its lower liquidity, making it an easier target for pumping activity.
On the flip side, this narrative poses an imminent risk. BOBO’s allure may be short-lived as traders are likely to remain wary, especially given its exceptional 200% spike could suggest it’s ready for a prompt correction. The seductive nature of unknown meme tokens poses the question of predictability. With no distinguishing features and negligible fundamentals, is there a fool-proof way to identify which one will reign supreme?
An interesting exception might lie in presales. For example, Wall Street Memes (WSM) has managed to raise over $11.5 million in presale. The impressive presale total might just be an early sign that WSM will show much better performance once it lists on an exchange. Backed by a strong community of followers, and with a strong association to the meme stocks movement, WSM has already managed to demonstrate a promising future.
Contrarily, despite BOBO’s recent gains, it seems to have sprouted out of nowhere, with only modest community backing. This lack of solid backbone could potentially lead to a downfall in the long run. In conclusion, for investors who are considering venturing into the meme token space, Wall Street Memes seems a somewhat safer bet. However, as always, the crypto space is volatile, and decisions must be made on a personal risk analysis basis.
Source: Cryptonews
