Meme coin speculators are hopping on a risky new wave of cartoonish tokens based on notable politicians and celebrities this week, with Solana-issued meme coins leading the market following cryptocurrency's volatile trading session on Tuesday. A token with the ticker BODEN, based on U.S. president Joe Biden, rose by 830% in a six-hour period on Wednesday morning as daily volume spiked to more than $23 million, according to CoinMarketCap. Newly issued meme coins are high risk assets as they often fall victim to rug pulls and exit scams. The wider crypto market remains in a state of shock after bitcoin set an all-time high of $69,325 on Tuesday.
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