As meme coins on the Solana blockchain like Dogwifhat (WIF) and Bonk (BONK) experience significant surges, a new wave of meme coins themed around political figures and celebrities are gaining attention, boasting daily gains of thousands of percent.
While WIF and BONK have seen notable seven-day gains of approximately 190% and 110% respectively, a newly emerged coin called joe boden ($boden) has skyrocketed by nearly 3,000% within 24 hours, according to data from DEXTools.
The name “joe boden” is a play on the name of the US President, Joe Biden.
The market capitalization of $boden currently stands around $33 million, with liquidity exceeding $500,000 and close to 6,800 holders.
Further examination of top-performing coins on the Solana network reveals the rise of other joke tokens, including $TOPG (associated with controversial influencer Andrew Tate) and $HIDLER (referencing Nazi leader Adolf Hitler).
This increased risk appetite within the Solana meme coin market coincides with a broader uptrend in cryptocurrency prices across the market. Bitcoin recently achieved new all-time highs surpassing $69,000, driven by sustained demand for ETFs, before experiencing a pullback due to profit-taking.
With traders shifting away from Bitcoin, perceiving its potential upside as limited following its significant rally since October 2023, they are turning to riskier investments, particularly newly launched coins on the Solana blockchain.
However, it’s essential to recognize that Solana’s low transaction fees make it an attractive platform for potential scam activities. Creating fraudulent meme coins to deceive unsuspecting investors requires minimal cost.
Investors should exercise extreme caution when engaging in such markets, as the vast majority of newly launched meme coins are either scams or speculative pump-and-dump schemes.
It’s crucial to understand that investing in low-cap meme coins carries substantial risks, with the potential for substantial losses. An alternative, albeit still risky, strategy involves participating in crypto presales, where investors can acquire tokens of promising projects at discounted early prices.
While crypto presales offer the potential for significant returns, unforeseen circumstances may hinder a project’s progress, emphasizing the need for thorough research and due diligence.
With numerous presale projects available, investors should carefully evaluate each opportunity to identify those with the highest potential for success.