Solana-based Memecoins, Slerf and Book Of Meme (BOME) decline as the hype fades.
Solana-based meme coins are a hot topic in today’s cryptocurrency trends. Linked to internet memes and distributed on the Solana blockchain, the coin sparked controversy amidst massive pumps. While some see it as a means of fraud, others see it as an opportunity to make big profits. However, the current buzz surrounding the recently launched Slerf and Book of Meme coins appears to be decreasing as they lose buying demand after strong pumps.
Solana Memecoins Hype Is Cooling Down
As meme coins gain momentum, several analysts have expressed concern about the increase in meme coin pre-sales on the Solana blockchain. This alarm is sounding as coins like “Slerf” gain popularity, pre-sales of “areyoustupid.sol” increase transaction fees, and on-chain activity on the Solana network increases.
Analysts urge caution against this approach, noting that similar to the 2018 ICO bubble, strategies aimed at quick profits are not advancing the industry’s growth. The growing interest in the Solana meme coin is a warning sign, considering its lack of a clear development plan and the price surge driven by major investors. This often results in significant losses for small investors when markets are falling.
In the past day, Slerf’s price has surged more than 100%, but a wave of liquidations has brought it down from a high of $1.4. Meanwhile, the price of BOME (Book of Meme) soared more than 1,200% in four days, but the surge later subsided as expectations faded.
Slerf Price Analysis
Slerf price fell below the 20-day exponential moving average (EMA) of $0.93, indicating weakening bullish momentum. However, buyers’ comeback attempt succeeded in breaking the EMA level on the 20th. This means continued support from the bulls.
Bulls are strongly defending a decline below $0.7 and the price has risen back above $1. However, sellers continue to be active near higher levels, putting pressure on the price chart. This trend suggests that Slerf price may continue to trade within the range-bound zone.
If the price falls below $0.7, a sell-off situation may occur as many holders rush to liquidate their profits.
Book Of Meme (BOME) Price Analysis
The price of BOME fell below the EMA trendline and reached a low of $0.009. However, buyers successfully defended that level and triggered an uptrend.
Buyers are pushing the price above the downward resistance line. If successful, we will see the price of BOME heading towards the initial resistance of $0.02. However, a downtrend would strongly prevent a surge from that level. A drop below $0.008 would put bearish pressure on BOME.
To avoid such a slump, bulls will need to keep the price above $0.02. If this is successful, it could stabilize the pair within a trading range of $0.2 to $0.27 for the long term.