As Solana meme coins like Dogwifhat (WIF) and Bonk (BONK) surge, a vanguard of new meme coins themed after politicians and celebrities are stealing the spotlight with daily gains in the thousands of percent.
While WIF and BONK are nursing seven-day gains in the region of 190% and 110%, a new shitcoin called joe boden ($boden) is up close to 3,000% in 24 hours as per DEXTools.
“joe boden” is of course a play on US President Joe Biden’s name.
$boden’s market cap was last around $33 million, with over $500,000 in liquidity and close to 6,800 holders.
A quick perusal of the other top-performing coins on the Solana chain today show other joke shitcoins are pumping.
These include $TOPG (alluding to controversial influencer Andrew Tate) and $HIDLER (alluding to Nazi leader Adolf Hitler).
Heightened risk appetite in the Solana shitcoin market comes amid a broad push higher in prices across the crypto market.
Bitcoin recently hit fresh record highs above $69,000 amid massive, continued ETF demand, before pulling back on profit-taking.
As traders rotate out of Bitcoin and deem its upside potential as now more limited given the near 3x rally since October 2023, they are moving into much riskier plays, such as newly launched coins on the Solana blockchain.
But one thing to keep in mind with Solana is its low fees make it very attractive for scam artists.
Creating a scam meme coin to try and lure in unsuspecting investors costs virtually nothing.
Investors thus must make sure to be very diligent when entering such markets.
Nearly all newly launched meme coins are either at worst outright scams, or at best pump-and-dump schemes.
There is no such thing as zero risk.
Solana Meme Coin Alternatives to Consider
Investing in low-cap shitcoins is a very risky strategy.
An innocent-looking project could easily turn out to be a scam, and a few big sell orders could easily drive the price 80% lower.
A strategy that is still risky, but arguably has a better risk reward is getting involved in crypto presales.
The idea is that investors secure tokens of up-and-coming, high-potential crypto projects/protocols at a discounted early price.
These projects then put those funds to work, paying for protocol development and marketing.
While lots can go wrong when investing in crypto presales—unforeseen circumstances can prevent a project from delivering on its vision—savvy presale investors routinely secure gains of 10x or more.
With hundreds of presale projects vying for investor funds, analysts at Cryptonews have been combing the market.
Here are 14 of the presale projects with the highest potential.
See the 14 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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