A new wave of meme coins modeled after politicians and celebrities is gaining popularity as Solana meme coins like Dogwifhat (WIF) and Bonk (BONK) soar in value. These coins have daily increases in the thousands of percent.

While BONK and WIF are enjoying seven-day gains of roughly 110% and 190%, respectively, joe boden ($boden), a new shitcoin, has increased by almost 3,000% in just 24 hours, according to DEXTools.

Naturally, “joe boden” is a parody of the name of US President Joe Biden.

At last, $boden’s market capitalization was over $33 million, with nearly 6,800 holders and over $500,000 in liquidity.

Other funny shitcoins are booming, according to a brief glance at the other top-performing coins on the Solana chain right now.

These include $HIDLER (a reference to Adolf Hitler, the leader of the Nazi party) and $TOPG (a reference to controversial influencer Andrew Tate).

Increased risk appetite in the Solana shitcoin market coincides with a general upward trend in cryptocurrency values.

Due to strong, ongoing demand for ETFs, Bitcoin recently reached new record highs above $69,000 before retreating from profit-taking.

With the over three-fold increase in value since October 2023, traders are shifting their investments away from Bitcoin and toward riskier options like recently released coins on the Solana blockchain.

However, one thing to remember about Solana is that con artists find it particularly alluring due to its low prices.

It costs almost nothing to try to trick gullible investors into investing in a fraudulent meme coin.

Therefore, when investing in such markets, investors need to exercise extreme caution.

Almost all recently released meme coins are, at best, pump-and-dump operations, or at worst, outright scams.

There is never a completely safe situation.

Options for Solana Meme Coins to Take Into Account

Purchasing low-cap shitcoins carries a high chance of loss.

A few large sell orders might rapidly drive the price down by 80%, and an innocent-looking enterprise could easily turn out to be a hoax.

Taking part in cryptocurrency presales is a tactic that is dangerous nonetheless, but it may yield a higher risk benefit.

The concept is for investors to purchase tokens at an early discount from emerging, highly promising crypto companies or protocols.

These initiatives then use the money to finance the creation of protocols and their promotion.

Although there are many potential risks associated with investing in cryptocurrency presales, such as unanticipated events that may hinder a project from realizing its goals, astute presale investors frequently make gains of ten times or greater.

An analysis of the market has been conducted by analysts at Cryptonews, with hundreds of presale projects competing for investor funding.