Biden and Trump-themed meme coins take center stage on Solana

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%.

CoinDesk Analysis Team CoinDesk

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.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

CLARITY Act approval odds sink fast ahead of Congressional hearing

The US House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence (AI) is holding a hearing titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation” on Friday.

Crypto Today: Bitcoin, Ethereum, XRP give back gains as tit-for-tat US-Iran strikes persist

Bitcoin has corrected by more than 1% on the day, trading below $63,000. This is part of a larger retracement from its weekly high of $65,600. Ethereum and Ripple similarly reflect overall pressure, with ETH falling toward the short-term $1,800 support and XRP hovering below the pivotal $1.10 level.

Dogecoin nears yearly low as bearish bias grows

Dogecoin extends its decline on Friday, trading near its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network (PI) shows a mild recovery on Friday, following three consecutive days of consolidation, as selling pressure eases after a steep decline earlier this month. Speculative demand for a potential rebound in PI is on the rise as its Open Interest remains elevated.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.