Meme Coin Speculators Hop on a Risky New Wave of Cartoonish Tokens Based on Notable Politicians and Celebrities

A token based on U.S. president Joe Biden rose by 830% on Wednesday morning on more than $23 million worth of trading volume.

A token linked to U.S. President Joe Biden surged by 830% on Wednesday morning on more than $23 million in trading volume.

Several other meme coins based on celebrities and politicians have been issued on Solana.

The emerging trend comes as dogwifhat (WIF) surged by 48%.

Meme coin speculators are pivoting to a 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, linked to U.S. President Joe Biden, surged by 830% in a six-hour period on Wednesday morning as daily volume spiked to more than $23 million, according to CoinMarketCap.

Several other tokens based on the likes of Elon Musk, Kanye West, and Donald Trump have also been issued as developers attempt to capitalize on the hype.

Newly issued meme coins are considered high-risk assets as they often fall victim to rug pulls and exit scams.

The trend 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 remained in a state of shock after bitcoin set an all-time high of $69,325 on Tuesday before prices rapidly tumbled, setting traders up for an unusual trading session that saw $1 billion in liquidations.

Meme coins were the hardest-hit sector with PEPE and DOGE both falling more than 30% due to a lack of liquidity, though both assets have since recovered.

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