Misspelled celebrity memecoins on Solana 
SOL
+14.00%
are taking off, with tokens based on anyone from Andrew Tate (Andwu Tet) to Joe Biden (Jeo Boden).
The overall memecoin market has been on a tear recently, with popular tokens like dogwifhat, pepe and bonk up considerably over the last few weeks. On Solana, this energy has now started to expand to an 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.
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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.