Solana memecoin craze continues with Biden parody token reaching $250M market cap
Jeo Boden (BODEN), a Solana memecoin parody of United States President Joe Biden, has surpassed $250 million in market cap with a gain of 54% within the past 24 hours as of March 25.
The memecoin is only available on the Solana decentralized exchange Raydium and is not yet listed on any centralized platforms. "Boden the 46th pres of soluna. His jeb is te mäk three hundred trillion million billion dollars,” developers wrote on the token’s official website after its March 9 launch. “This wallet belongs to the Jeo Boden treasury and community alike. Any funds donated will be put towards marketing, listings, giveaways, etc,” they further stated.
“$BODEN has no association with Joe Biden. This token is simply a meme coin with no intrinsic value or expectation of financial return.”
Despite developer warnings, Solana memecoins have been on a wild run, with over $122.5 million raised from 27 presales this year alone. “MEME tokens have a knack for capturing attention rapidly through their widespread viral sharing on social media platforms,” Singaporean crypto education firm Gryphsis Academy told Cointelegraph. “An engaging tweet or a captivating Reddit post about a MEME token can spread like wildfire, reaching vast audiences in no time.”
Gryphsis further explained that a sense of scarcity and emphasis on timeliness have led memecoins to develop “heightened urgency” among investors. “This urgency, crafted through limited-time offers, exclusive airdrops, and the backing of influential figures or ecosystems, compels investors to act swiftly,” researchers wrote. “The fear of missing out on these fleeting opportunities prompts quick decision-making, ensuring that individuals feel compelled to jump on board without delay.”
On March 19, Anatoly Yakovenko, co-founder of Solana, warned investors to “stop doing this” amid the ongoing Solana memecoin presale craze. More than 19,000 new Solana tokens with some form of liquidity have launched in the past week alone, according to trading data platform Birdeye. Since then, experts have warned that the odds of a rug pull are far higher than the chances of one’s tokens going to the moon .
BODEN MEME MADNESS
— Jeo Boden 2024 (@boden4pres) March 24, 2024
ROUND 1 HAS COMMENCED.
Voting is live until Tuesday at 5pm (CST)
We got an overall 60+ submissions from u bodeners✊
People took time to cook these up, take some time to vote! https://t.co/rcRz1lunaE
Related: Solana (SOL) tops $150 amid Pantera Capital bid, surge in memecoin and DApp activity
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hedera Token Sees $2B Trading Spike Amid 5% Rally
ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google
Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.
SEC charges New York blockchain engineer over GME rug pull fraud
Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.