This Solan-based meme coin has witnessed a staggering 4,700% increase in value, jumping from its initial launch price of $0.002 to $0.05.

BODEN's sudden surge in popularity has inspired a wave of copycat meme coins with names like TREMP (inspired by former President Donald Trump), as well as tokens inspired by public figures like Elon Musk and Kanye West.

While some traders believe these meme coins could be a way to bet on the outcome of the upcoming election, others are more cautious, warning of the high risks associated with the newly released meme coins.

The crypto community has seen numerous cases of scams and exit scams where creators siphoned off liquidity and left buyers with essentially worthless tokens. Amid a frenzy of political memes, the broader cryptocurrency market remains in flux.

Bitcoin, the world's largest cryptocurrency by market capitalization, recently hit a new all-time high of $69,325 before rapidly declining, leading to $1 billion in liquidations. This volatility had a ripple effect on the meme coin market, with popular tokens such as dogecoin (DOGE) and BONK initially falling more than 30% due to a lack of liquidity, although they have since recovered.

Despite the risks, the allure of quick profits continues to attract investors into the meme coin space, with Solana's Dog Hat (WIF) outperforming many of its competitors with a 48% increase in value.

As the US election approaches, it remains to be seen whether these politically themed meme coins will continue to gain traction or whether they will ultimately fade into obscurity like many other short-lived trends in the fast-changing world of cryptocurrencies.