Misspelled celebrity memecoins on Solana GROUND
+1.47%
are taking off, with tokens based on anyone from Andrew Tate (Andwu Tet) to Joe Biden (Jeo Boden).
The overall memecoin market has seen strong growth recently, with popular tokens like dogwifhat, pepe, and bonk rising significantly in recent weeks. On Solana, this energy has now begun to extend to an emerging class of celebrity tokens with fun names.
In their early days, these memecoins experienced rapid price increases. In just three days, Jeo Boden reached a market capitalization of $49 million, with the token price up approximately 12,000%. This comes ahead of Biden’s State of the Union address on March 7.
Countless misspelled celebrity memecoins have emerged. Image: DexScreener.
However, even if some traders assignment large paper gains from these memecoins, there is not a huge amount of liquidity available to achieve them. Boden, for example, has about $250,000 in cash, while Danold Tromp only has $75,000 in cash.
Nansen Data reporter Martin Lee cites low transaction fees on Solana as a dive into the latest buying activity. “Solana is a low-cost channel, which creates a much friendlier environment for traders moving away from the risk curve, and placing extremely small bets on highly speculative assets is a popular strategy when gas fees are just a few cents,” he said. told The Block.
Lee added that the higher the price of crypto majors, the further away from the risk curve some traders tend to be. “With the rapid rebound in prices of major cryptocurrencies, such as Bitcoin, Ether and SOL, confidence in the market is still high and traders are looking for bigger gains,” he added.
Memecoin Market Cap Declines
Despite the interest in this new class of memecoins on Solana – and the previous weeks of rising prices – the overall memecoin market capitalization declined by more than 4% in the last 24 hours, reaching a total value of 54 .4 billion dollars. During the same period, the global cryptocurrency market capitalization increased by 0.7% and now stands at $2.64 trillion.
Bitcoin’s dominance is 49.8% and Ether’s is 17.2%, according to CoinGecko data. Bitcoin is up 5% in the past 24 hours and is currently trading at $67,004, according to The Block’s price page.
The GM 30 index, representing a selection of the top 30 cryptocurrencies, rose 2.67% to 139.37 over the same period.
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