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The 24-hour price surge of memecoins on Solana – with prominent memes like Peanut the Squirrel, GOAT, and POPCAT – could be fueled by the 2024 US presidential election race.

As markets face volatility and uncertainty surrounding the election outcome, many investors are turning to riskier assets like memecoin, hoping to make quick profits amid a changing political landscape. Additionally, investor sentiment is also a factor, especially as celebrities can attract retail investors to memecoins.

The excitement surrounding the election combined with active social media engagement may explain the overnight surge in memecoins. Prominent memecoin projects lead the rally The top two memecoins in the Solana ecosystem, dogwifhat [WIF] and Bonk [BONK], remain at the top.