Biden and Trump-Themed Meme Coins Take Center Stage on Solana
Meme coin speculators are investing in new tokens based on notable politicians and celebrities, with Solana-issued meme coins leading the market. A token named BODEN, based on U.S. President Joe Biden, rose by 830% in a six-hour period on Wednesday morning with a daily volume of over $23 million. Similar tokens based on Elon Musk, Kanye West, and Donald Trump have also been issued. These newly issued meme coins are considered high risk due to the potential for rug pulls and exit scams. Dogwifhat, Solana's most prominent meme coin, outperformed dogecoin and BONK with a 48% increase. The wider crypto market experienced shock after bitcoin reached an all-time high of $69,325 on Tuesday before prices rapidly fell, leading to $1 billion worth of liquidations. Meme coins were the hardest hit, with PEPE and DOGE falling more than 30% due to a lack of liquidity, although both assets have since recovered.
