A token inspired by US President Joe Biden soared by 830%, reaching over $23 million in trading volume today. Following this development, several other meme coins based on celebrities and politicians were launched on the Solana network. This narrative coincided with a 48% rise of Dogwifhat (WIF).
Meme Coin Speculators Jump on New Wave
Meme coin speculators have jumped onto a risky new wave of caricatured tokens based on significant politicians and celebrities this week. According to developments, meme coins launched on the Solana network are leading the market after the volatile trading session of cryptocurrency on Tuesday.
Looking at the data, we encounter interesting results. A token abbreviated as BODEN, themed after US President Joe Biden, surged by 45% within a six-hour period this morning as its daily volume exceeded $23 million. This reflects the excitement in the market.
A series of similar tokens based on names like Elon Musk, Kanye West, and Donald Trump were introduced to the market as developers tried to capture the enthusiasm.
Beware of Rug Pulls and Exit Scams
Newly launched meme coins are often considered high-risk assets due to their susceptibility to rug pulls and exit scams.
The narrative emerged as Solana’s leading meme coin Dogwifhat outperformed the usual community favorites Dogecoin (DOGE) and BONK with a 48% increase.
Following Bitcoin‘s peak at an all-time high of $69,000 on Tuesday, the crypto market was shocked as prices quickly fell, leading to $1 billion worth of liquidations, contrary to previous cycles.
What to Watch Out for in Meme Coins?
There are things to say about meme coins. Firstly, investors should pay close attention to the team behind the project. As seen with FLOKI, a good team effort is crucial for the sustainability of a meme coin. The recent success of the cryptocurrency FLOKI can be attributed to team collaboration.
On the other hand, another important aspect for meme coins is their promise of gains, which is one of their strongest appeals. It’s important to remember that price is everything for meme coins.
