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Inspired by US President Joe Biden and former President Donald Trump, meme coins are on the rise on the Solana blockchain, according to blockchain data from Dexscreen.
Much of the action is taking place on the Raydium Decentralized Exchange (DEX) in terms of Solana trading with the Trump-inspired Doland Tremp (TREMP) meme coin versus the Biden-inspired Joe Boden (BODEN).
BODEN has the largest market capitalization and 24-hour profit with a cap of around $473 million, and its price is up 60% today to around $0.69. TREMP, on the other hand, trades at $0.83 but has a few coins floating around for a market cap of $83 million. The Trump-themed coin is up 54% today.
TREMP saw a trade of about 10 million dollars in the previous day, BODEN was ahead by $ 30 million in that period. While Joe Boden is currently beating Donald Trump in the meme coin race, Trump remains a staunch denier.
As the name suggests, meme coins are cryptocurrencies associated with internet jokes and memes, public figures and more. Unlike cryptocurrencies such as Ethereum and Bitcoin, meme coins gain their value primarily through association with events or people in popular culture. They also tend to be highly volatile, and many lose value quickly after launch.
Meme Coins have become popular on the Solana blockchain thanks to their speed and low transaction costs, with $1.8 billion in transactions in the last 24 hours. According to CoinGecko, Solana-based meme coins have a total market capitalization of $8.15 billion.
Edited by Andrew Hayward.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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