Biden and Trump themed Meme Coins take center stage on Solana
The token based on US president Joe Biden surged 830% on Wednesday morning with over $23 million worth of trading volume.
Several other memes based on celebrities and politicians have been released on Solana.
The emerging story comes as dogwifat (WIF) surges 48%.
Meme coin speculators are jumping on a wave of risky new animated tokens based on notable politicians and celebrities this week, with meme coins issued by Solana leading the market after the session. Cryptocurrency's volatile trading on Tuesday.
According to CoinMarketCap, the BODEN token, based on US president Joe Biden, surged 830% in a six-hour period on Wednesday morning as daily volume soared to more than $23 million.
A series of similar tokens based on the likes of Elon Musk, Kanye West and Donald Trump have been released as developers try to capture the hype.
Newly issued meme coins are high-risk assets as they often fall victim to scams and exit scams.
The emerging story comes as dogwifat, Solana's most prominent meme coin, outperforms regular crowd favorites dogecoin {{DOGE}} and BONK with a 48% gain.
The broader cryptocurrency market remains in a state of shock after bitcoin hit an all-time high of $69,000 on Tuesday before the price dropped rapidly, unlike previous cycles, leading to liquidations worth 1 billion USD.
Meme coin was the hardest hit sector with PEPE and DOGE falling more than 30% due to lack of liquidity, although both assets have recovered
