Jeo Boden (BODEN), a Solana memecoin parody of United States President Joe Biden, has surpassed $250 million in market cap with a achieve of 54% inside the previous 24 hours as of March 25.
The memecoin is barely out there on the Solana decentralized alternate Raydium and isn’t but listed on any centralized platforms. “Boden the forty sixth pres of soluna. His jeb is te mäk 300 trillion million billion {dollars},” builders wrote on the token’s official web site after its March 9 launch. “This pockets belongs to the Jeo Boden treasury and group alike. Any funds donated shall be put in the direction of advertising, listings, giveaways, and so forth,” they additional acknowledged.
“$BODEN has no affiliation with Joe Biden. This token is solely a meme coin with no intrinsic worth or expectation of economic return.”
Regardless of developer warnings, Solana memecoins have been on a wild run, with over $122.5 million raised from 27 presales this 12 months alone. “MEME tokens have a knack for capturing consideration quickly by means of their widespread viral sharing on social media platforms,” Singaporean crypto training agency Gryphsis Academy informed Cointelegraph. “An attractive tweet or a charming Reddit put up a few MEME token can unfold like wildfire, reaching huge audiences very quickly.”
Gryphsis additional defined {that a} sense of shortage and emphasis on timeliness have led memecoins to develop “heightened urgency” amongst buyers. “This urgency, crafted by means of limited-time gives, unique airdrops, and the backing of influential figures or ecosystems, compels buyers to behave swiftly,” researchers wrote. “The worry of lacking out on these fleeting alternatives prompts fast decision-making, guaranteeing that people really feel compelled to leap on board immediately.”
On March 19, Anatoly Yakovenko, co-founder of Solana, warned buyers to “cease doing this” amid the continued Solana memecoin presale craze. Greater than 19,000 new Solana tokens with some type of liquidity have launched up to now week alone, in response to buying and selling information platform Birdeye. Since then, specialists have warned that the chances of a rug pull are far larger than the possibilities of one’s tokens going to the moon.
BODEN MEME MADNESS
ROUND 1 HAS COMMENCED.
Voting is dwell till Tuesday at 5pm (CST)We bought an total 60+ submissions from u bodeners✊
Folks took time to prepare dinner these up, take a while to vote!https://t.co/rcRz1lunaE
— Jeo Boden 2024 (@boden4pres) March 24, 2024
Associated: Solana (SOL) tops $150 amid Pantera Capital bid, surge in memecoin and DApp exercise
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