Trump’s Hair Coin has exploded by 19,000% in the past 24 hours, with the Solana-based cryptocurrency becoming the latest political meme token to storm the charts to day.
Listing on the Raydium DEX in the early hours of the morning, HAIR has quickly become the best-performing coin of the day, with just over 1,500 holders and counting.
However, after reaching a peak of $0.000680 a few hours ofter listing, it has since fallen to $0.0001708, representing a fall of 75%.
But while it may already be in the process of collapsing, there are other more fundamentally sound new meme tokens in the market, with Dogeverse raising over $15 million in its presale.
Trump’s HAIR Coin Price Skyrockets as Political Meme Tokens Are All the Rage
Yesterday we reported on the rise and fall of DogWifMAGA Coin, another politics-referencing token that listed on Rayidum to much fanfare, before dropping like a lead ballon.
Well, it seems that HAIR has quickly arrived to take its place, with the coin actually remaining well up in relation to its launch price.
Source: DEXTools/TradingView
That said, the chart above shows that its current price is well down in relation to its peak in the earliest hours of the morning.
It has risen slightly in the past hour, but as its history since 06:00 has shown, it has seen a few temporary and slight rebounds today, yet this hasn’t really reversed its decline.
Also telling is the fact that its volume has all-but disappeared, another clear sign of a struggling token that has failed to attract wider interest.
It’s for this reason that it would be sensible to steer clear of HAIR, even if it may potentially enjoy a resurgence in the future, in the case that interest in Trump and the upcoming election drives demand for a tangentially related meme coin.
$HAIR STATS (12h)
– 3M volume
– 820K ATH
– 1.5K holders
CJGDevajCEtkvpx3RBGhaqXTx6ucUKQNet2eort4h2VAhttps://t.co/YSC2zr9Z1V
SEND THE HAIR! pic.twitter.com/XFDbuM1JwI
— $HAIR – Trump’s Hair (@TrumpHairSol) May 23, 2024
At the moment, its online presence is quite minimal, consisting in an X account with just over 6,000 followers and a Telegram account with 135 subscribers.
This is hardly enough of a community to support and drive new investors to HAIR, which may therefore struggle to recover from its current decline from its peak price.
And in a market flooded with throwaway meme tokens, it currently is doing or offering enough to stand out from the pack.
Is This Other Coin a Better Pick?
One of the big problems with HAIR is that, as a pure meme coin, it has no fundamentals or utility to speak of.
Fortunately, there are a variety of promising new meme tokens that do offer fundamentals, with several of these currently holding their presales.
One of the best of these is Dogeverse (DOGEVERSE), a multi-chain cryptocurrency that has raised in excess of $15 million in its hugely popular token offering.
Source: Dogeverse
As the market’s first Doge-themed multi-chain cryptocurrency, DOGEVERSE will run on Ethereum, Polygon, BNB Chain, Solana, Avalanche and Base.
Because it will operate on multiple chains, it could attract usage and adoption on a much greater number of apps and platforms than it would have if it were only a single-chain token.
By extension, greater adoption should equal a greater price, and what’s also bullish about DOGEVERSE is that its supply is capped to 120 million tokens.
In theory, this means that DOGEVERSE could become a deflationary token, while the ability to stake the coin could result in a large percentage of its supply leaving circulation.
King Henry’s top wormhole advisor #Memecoins #Solana #Altcoins #Cryptomemes #Crypto #Blockchain pic.twitter.com/gsjYZFxndU
— DogeVerse (@The_DogeVerse) May 23, 2024
It’s clear that these features have helped make Dogeverse a popular coin already, and not only in the sense that its presale has raised over $15 million.
It also boasts over 21,000 followers on X, despite its account being only a month old.
While its sale will end soon, investors can join via the official Dogeverse website.
1 DOGEVERSE is selling at a final sale price of $0.00031, with its early popularity suggesting that this could rise much higher once it lists, and remain high.
The post Trump’s HAIR Coin Price Skyrockets as Political Meme Tokens Are All the Rage – But Is This Other Coin a Better Pick? appeared first on Cryptonews.
