Crypto News– Misspelled celebrity memecoins on Solana, such as Andwu Tet for Andrew Tate and Jeo Boden for Joe Biden, are currently experiencing a significant surge in value, with SOL showing a remarkable increase of 14.05%.
Celebrities Misspelled Memecoins on Solana Witness a Surge in Value
The broader memecoin market has been witnessing a surge lately, with popular tokens like dogwifhat, pepe, and bonk seeing substantial gains over the past few weeks. This momentum is now extending to an emerging category of celebrity tokens with amusing names on the Solana network.
Although it’s still early days, these memecoins have seen rapid price appreciation. For instance, Jeo Boden achieved a market capitalization of $49 million within just three days, with its token price soaring by approximately 12,000%. This surge coincides with anticipation surrounding Biden’s upcoming State of the Union Address scheduled for March 7th.
Despite some traders boasting significant gains on paper from these memecoins, liquidity remains limited, posing challenges in realizing profits. Jeo Boden, for instance, has a liquidity pool of only around $250,000, while Danold Tromp has a meager $75,000.
According to Martin Lee, a Data Journalist at Nansen, the surge in buying activity is driven in part by the low transaction fees on the Solana network. “Solana’s low cost chain fosters a more favorable environment for traders willing to take higher risks. Investing in highly speculative assets with minimal capital outlay becomes an attractive strategy when gas fees are negligible,” he explained.
Lee further highlighted that as the prices of major cryptocurrencies like bitcoin, ether, and SOL rebound swiftly, traders are inclined to take on more risk. “With the resurgence in prices of crypto majors, there’s still strong market confidence, prompting traders to seek even greater returns,” he added.
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