As the United States gears up for the upcoming presidential election, a new trend has emerged in the world of cryptocurrency: politician-themed meme coins.
Leading the charge is a token called BODEN, named after a misspelling of current U.S. President Joe Biden.
TLDR
- A Joe Biden-themed meme coin called BODEN surged over 4,700% on the Solana blockchain.
- Other politician and celebrity-themed meme coins like TREMP (Trump) and coins based on Elon Musk and Kanye West have also emerged.
- The wider crypto market remains volatile after Bitcoin hit a new all-time high of $69,325 before rapidly declining, leading to $1 billion in liquidations.
- Meme coins are highly risky due to potential rug pulls and exit scams by creators.
- Dogwifhat (WIF), Solana’s leading meme coin, increased 48% amid the new meme coin trend
This Solana-based meme coin has witnessed a staggering 4,700% increase in value, jumping from its initial launch price of $0.002 to $0.05.
The sudden surge in BODEN’s popularity has inspired a wave of copycat meme coins, featuring names like TREMP (based on former President Donald Trump), as well as tokens inspired by public figures such as Elon Musk and Kanye West.
While some speculators believe that these meme coins could serve as a way to bet on the outcome of the upcoming election, others are more cautious, warning of the high risks associated with newly issued meme coins.
The crypto community has seen numerous instances of rug pulls and exit scams, where creators withdraw liquidity and leave buyers with worthless tokens.
Amid the politician-themed meme coin frenzy, the broader cryptocurrency market remains in a state of flux.
Bitcoin, the world’s largest cryptocurrency by market cap, recently hit a new all-time high of $69,325 before experiencing a rapid decline, resulting in $1 billion worth of liquidations.
This volatility has had a ripple effect on the meme coin market, with popular tokens like dogecoin (DOGE) and BONK initially falling more than 30% due to lack of liquidity, though they have since recovered.
Despite the risks, the allure of quick profits continues to attract investors to the meme coin space, with Solana’s dogwifhat (WIF) outperforming many of its competitors with a 48% increase in value.
As the U.S. election draws closer, it remains to be seen whether these politician-themed meme coins will continue to gain traction or if they will ultimately fade into obscurity like so many other short-lived trends in the fast-paced world of cryptocurrency.
The post BODEN Token Leads Politician-Themed Meme Coin Trend on Solana appeared first on Blockonomi.
