CoinDesk Analysis Team
CoinDesk
-
A token based on U.S. president Joe Biden rose by 830% on Wednesday morning on more than $23 million worth of trading volume.
-
Several other meme coins based on celebrities and politicians have been issued on Solana.
-
The emerging narrative comes as dogwifhat (WIF) surged by 48%.
Meme coin speculators are hopping on a risky new wave of cartoonish tokens based on notable politicians and celebrities this week, with Solana-issued meme coins leading the market following cryptocurrency's volatile trading session on Tuesday.
A token with the ticker BODEN, based on U.S. president Joe Biden, rose by 830% in a six-hour period on Wednesday morning as daily volume spiked to more than $23 million, according to CoinMarketCap.
A series of similar tokens based on the likes of Elon Musk, Kanye West and Donald Trump have been issued as developers attempt to latch onto the hype.
Newly issued meme coins are high-risk assets as they often fall victim to rug pulls and exit scams.
The emerging narrative comes as dogwifhat, Solana's most prominent meme coin, outperformed usual crowd favorites Dogecoin (DOGE) and BONK with a 48% move to the upside.
The wider crypto market remains in a state of shock after Bitcoin set an all-time high of $69,325 on Tuesday before prices rapidly tumbled, unlike previous cycles, leading to $1 billion worth of liquidations.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Grayscale files S-3 form for Digital Large Cap ETF comprising Bitcoin, Ethereum, XRP, Solana, and Cardano
Grayscale, a leading digital asset manager operating the GBTC ETF, has filed the S-3 form with the United States (US) Securities and Exchange Commission (SEC) in favor of a Digital Large Cap ETF.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH, and XRP brace for volatility amid Trump’s ‘Liberation Day’
Bitcoin price faces a slight rejection around its $85,000 resistance level on Wednesday after recovering 3.16% the previous day. Ripple follows BTC as it falls below its critical level, indicating weakness and a correction on the horizon.
Top crypto news: VanEck hints at BNB ETF, Circle files S-1 application for IPO
Asset manager VanEck registered a BNB Trust in Delaware on Tuesday, marking its intention to register for an ETF product with the Securities & Exchange Commission (SEC).
Solana Price Forecast for April 2025: SOL traders risk $120 reversal as FTX begins $800M repayments on May 30
Solana price consolidated below $130 on Tuesday, facing mounting headwinds in April as investors grow wary of looming FTX sell-offs.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.