In the aftermath of Super Tuesday in the United States, meme coins on the Solana blockchain surged, notably the jeo boden (BODEN) token, linked to President Joe Biden, witnessing a remarkable 4,700% increase and trading at $0.05 from its initial launch at $0.002.
Conversely, the Donald Trump-inspired cryptocurrency, TRUMP, saw a dip to $7.07 despite a previous surge. The rise in prices may be attributed to Trump’s victories in 14 out of 15 states during the Super Tuesday contests.
Speculators are riding the wave of cartoonish tokens representing prominent figures like Elon Musk and Kanye West. The Solana-issued BODEN token, with an 830% spike in six hours, led this new trend, reaching a daily volume of over $23 million.
However, caution is advised as newly issued meme coins are inherently high-risk due to potential rug pulls and exit scams.
In the crypto landscape, Solana’s dogwifhat outperformed favorites like dogecoin and BONK, marking a 48% increase. The wider market, still reeling from Bitcoin’s record high of $69,325 followed by a rapid decline and $1 billion worth of liquidations, remains in a state of flux.
This surge in meme coins reflects the industry’s ongoing volatility amid political and market developments.
Also Read: Doge-themed Dogwifhat Price Surge by 50% After Binance Debut