Misspelled celebrity memecoins on Solana surge in price, such as Jeo Boden, Danold Tromp and Olen Mosk
Tokens based on U.S. President Joe Biden, such as Jeo Boden, have surged in price on the Solana blockchain.A memecoin class of misspelled celebrities is starting to emerge.
The overall memecoin market has been on a tear recently, with popular Ethereum-based tokens like dogwifhat , pepe and bonk up considerably over the last few weeks. Over on the Solana blockchain, this energy has now started to focus on this emerging class of celebrity tokens with funny names.
While its early days, these memecoins have seen some rapid rises in price. In just three days, Jeo Boden reached a $49 million market cap, with its token price up around 12,000%. This comes ahead of Biden's State of the Union Address on March 7.
Countless of these misspelled celebrity memecoins have emerged. Image: DexScreener.
However, while some traders are posting large gains on paper from these memecoins, there isn't a huge amount of liquidity available to realise them. Boden, for instance, has just around $250,000 of liquidity, while Danold Tromp has just $75,000 of liquidity.
Nansen Data Journalist Martin Lee cites low transaction fees on Solana as a diver of the latest buying activity. "Solana is a low cost chain, which creates a much friendlier environment for traders who move further out on the risk curve, and putting extremely small bets on highly speculative assets is a popular strategy when gas fees are just a couple of cents," he told The Block.
Lee added that the higher the price of crypto majors, the further out the risk curve some traders tend to move. "With the quick rebound in prices of crypto majors, such as bitcoin, ether and SOL, confidence in the market is still high and traders are looking for greater gains," he added.
RELATED INDICES
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 cap has decreased by over 4% in the past 24 hours, to a total value of $54.4 billion. In the same period, the global cryptocurrency market cap increased by 0.7%, and is now standing at $2.64 trillion.
Bitcoin dominance is at 49.8% and ether dominance is at 17.2%, according to CoinGecko data. Bitcoin has increased by a muted 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, increased 2.67% to 139.37 over the same period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Stock Market Preview | Major Index Futures Mixed, Tesla Rises Premarket, Waller Boosts Expectations for Fed to Hold Rates Steady in October
Before the US stock market opens on October 16 (Friday), the three major US stock index futures showed mixed movements.
QuantumScape stock gains 7.63%, but stays below all three daily EMAs
JPMorgan comments on the Roadster launch: Tesla (TSLA.US) aims to showcase engineering capabilities rather than a commercialization plan, maintaining a "Neutral" rating
After the Roadster launch event, JPMorgan reiterated its "neutral" rating on Tesla.
MSCI downgrade alert triggers foreign capital flight concerns! Indonesia suffers triple blow in stocks, bonds, and currency as stock market sees worst decline in nearly 30 years
After MSCI, the index compilation agency, expressed consideration of downgrading Indonesia's stock market rating and removing it from global indices, concerns about capital outflows triggered a triple sell-off in Indonesia's stocks, bonds, and currency.
Crypto prices
More
