Jeo Boden (BODEN), a satirical memecoin inspired by United States President Joe Biden, has achieved a market capitalization of over $250 million, experiencing a 54% increase in value within the last 24 hours as of March 25.
Currently, the memecoin can only be traded on the decentralized exchange Raydium on the Solana blockchain and has yet to be listed on any centralized platforms. The developers of Jeo Boden stated on the token’s official website after its launch on March 9, “Boden the 46th president of Soluna. His job is to make three hundred trillion million billion dollars. This wallet belongs to the Jeo Boden treasury and community alike. Any funds donated will be put towards marketing, listings, giveaways, etc.”
Despite warnings from developers, Solana memecoins have experienced a surge in popularity, raising over $122.5 million from 27 presales this year alone. According to Singaporean crypto education firm Gryphsis Academy, “MEME tokens have the ability to quickly capture attention through their viral sharing on social media platforms. Engaging tweets or captivating Reddit posts about a MEME token can spread rapidly, reaching a large audience in no time.”
Gryphsis further explained that the sense of scarcity and the emphasis on timeliness have created a sense of urgency among investors in memecoins. “This urgency, created through limited-time offers, exclusive airdrops, and the endorsement of influential figures or ecosystems, compels investors to act quickly,” 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, cautioned investors to refrain from participating in the ongoing craze of Solana memecoin presales. According to trading data platform Birdeye, more than 19,000 new Solana tokens with some form of liquidity have been launched in the past week alone. Experts have since warned that the risk of a rug pull, where the developers abandon the project and take investors’ funds, is much higher than the likelihood of the tokens skyrocketing in value.
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Solana (SOL) surpasses $150 amidst Pantera Capital’s bid, surge in memecoin popularity, and increased activity in decentralized applications (DApps).