Political Meme Coins Gain Popularity on Solana Blockchain

According to CoinDesk, political finance (PoliFi) meme coins, such as TREMP, are gaining popularity on the Solana blockchain. TREMP was minted on February 28 and has since reached highs of 63 cents, with a market capitalization of $22 million. The project's original creator abandoned it shortly after release, leading to a community takeover. B, a UK-based tech marketing professional, is one of the key figures behind TREMP and views the battle for token value between these coins as a blockchain election. Meme coins like TREMP and BODEN have contributed to a 60% increase in the price of SOL over the last month. However, the popularity of these meme coins has also strained the Solana network, with users complaining about congestion causing transaction failures. TREMP project partner 3fn explains that these meme tokens use Solana due to its low transaction fees, fast speeds, and community. Ethereum's high fees make it unsuitable for such projects. Despite some critics dismissing the PoliFi sector, it now has a market cap of almost $220 million, according to CoinGecko data.