Tokens like BODEN, representing U.S. President Joe Biden, experienced a remarkable 830% surge in just six hours on Wednesday morning.
This week, meme coin enthusiasts are diving into a risky trend featuring cartoonish tokens inspired by famous figures. Solana-based meme coins are currently leading the pack after a tumultuous trading session in the cryptocurrency market on Tuesday.
One such token, BODEN, themed around U.S. president Joe Biden, saw an astounding 830% surge in a mere six-hour span on Wednesday morning, accompanied by a spike in daily trading volume to over $23 million, as reported by CoinMarketCap.
Developers have launched a series of similar tokens modeled after personalities like Elon Musk, Kanye West, and Donald Trump, aiming to capitalize on the prevailing hype.
However, investors should approach newly issued meme coins with caution due to their susceptibility to rug pulls and exit scams.
In the midst of this trend, Solana’s leading meme coin, dogwifhat, has outperformed traditional favorites like Dogecoin (DOGE) and BONK, registering a 48% upward move. Meme coins like Dogwifhat (WIF) have already made their way to top exchanges like Robinhood. As per the Crypto News Flash report, Dogwifhat is eyeing a listing on the crypto exchange Coinbase.
Over time, the meme coin sector has evolved from its humorous origins into a significant web3 ecosystem, facilitating widespread acceptance of digital assets. Recent market figures indicate that the meme coin industry boasts a valuation of approximately $62 billion, with an average daily trading volume reaching around $30 billion.
After a strong rally last week, some of the top-tier meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and others have entered some consolidation. Some of them have also entered strong retracement after a mega rally last week.
As Crypto News Flash reported, the memecoin sector sees massive whale activity. The influence of whale traders within the meme coin sector is significant yet has both positive and negative implications. While their participation enhances liquidity, benefiting short-term investors and swing traders, it also amplifies the risk of sudden market downturns and crashes.
Interestingly, there’s a strong capital rotation happening within the memecoin sector itself! As the activity among heavyweight meme coins subsides, the AI-based meme coins have taken charge of the rally. The MEMEAI coin has surged by an impressive 168% in the past 24 hours, currently trading at $0.005314 with a market cap of $3.86 million. Despite this rally, it remains at a 50% discount from its peak of $0.012 reached on February 17th.
MEME AI, drawing inspiration from Elon Musk’s recognition of memes’ influence, introduces a pioneering approach by integrating artificial intelligence (AI) with meme generation. The platform offers an AI-driven meme generator paired with an NFT marketplace, empowering users to create amusing and captivating memes while delving into the realm of non-fungible tokens (NFTs).
