CoinDesk Analysis Team
CoinDesk
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A token based on U.S. president Joe Biden rose by 830% on Wednesday morning on more than $23 million worth of trading volume.
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Several other meme coins based on celebrities and politicians have been issued on Solana.
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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.
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