U.S. President Joe Biden-themed tokens were up 830% on Wednesday morning, with trading volume exceeding $23 million, CoinDesk reported. Other meme coins featuring celebrities and politicians have also been released on Solana. Meanwhile, dogwifhat (WIF) is up 48%. Meme speculators have jumped into the market this week for a new wave of cartoon tokens featuring famous politicians and celebrities, with Meme coins issued by Solana leading the market in volatile cryptocurrency trading on Tuesday. U.S. President Joe Biden-themed token BODEN jumped 830% in six hours on Wednesday morning, with daily trading volume surging to more than $23 million, according to CoinMarketCap. Developers have tried to ride on the craze, releasing a series of similar tokens featuring the likes of Elon Musk, Kanye West and Donald Trump. Newly minted Meme coins are high-risk assets as they often fall victim to blanket pull and exit scams. Against this backdrop, dogwifhat, the most well-known meme coin on Solana, outperformed the usual popular coins on the market, dogecoin (DOGE) and BONK, rising by 48%. The entire crypto market remains in shock after Bitcoin hit an all-time high of $69,325 on Tuesday, with prices falling rapidly, unlike previous cycles, leading to $1 billion worth of liquidations. Meme coins were the hardest hit sector, with PEPE and DOGE down more than 30% due to lack of liquidity, although both assets have recovered.

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