The world of memecoin trading is currently enthralled by a new trend that involves Solana-based tokens representing poorly drawn celebrities and political figures. Tokens like “Jeo Boden” and “Danold Tromp” have experienced astronomical gains of 174,900% and 59,900% respectively since their launch. Surprisingly, one trader claims to have made significant profits from these tokens, despite their lack of a public founder, roadmap, or utility.
In a post on March 6, a crypto investor known as “Barkery” revealed that they had turned a mere $260 into $42,000 within two days by purchasing 11.73 million tokens of “Jeo Boden” (BODEN). This memecoin is a comically drawn version of the United States president, Joe Biden. In a subsequent update on March 7, Barkery informed their 17,000 followers that their BODEN holdings were now valued at $423,000, representing a remarkable gain of approximately 165,285%. However, they had already sold around 3 million tokens at that time.
The Jeo Boden token was launched on March 4 with a market capitalization of $20,000. As of the time of writing, its market capitalization has skyrocketed to $35 million, an incredible surge of 174,900% in just three days, according to Birdeye.
It seems that the inspiration for the Jeo Boden memecoin comes from the popular 2012 meme format known as “Spooderman.” Other tokens with similar themes have also emerged, featuring prominent figures like former U.S. President Barack Obama as “Berik Obema,” MicroStrategy chairman Michael Saylor as “Mechael Seylor,” and Andrew Tate as “Androo Tete.”
While BODEN has been the standout performer among these memecoins, some others have also seen reasonable gains. For example, the Danold Tromp (DANOLD) memecoin experienced a surge in market capitalization from approximately $15,000 at launch on March 6 to a peak of $15 million on March 7. However, its price has since tumbled, falling over 88% from its all-time high.
Serious investors often view memecoins as foolish investments, but those familiar with the crypto world are more inclined towards them due to the potential for significant returns. Of course, this comes with the caveat that investors must be willing to take risks and potentially lose their initial investment. Evgen Verzun, the director of Kaizen.Finance, explained that while memecoins lack underlying fundamentals, they can still offer lucrative returns on small initial investments.
In conclusion, the memecoin trading scene has been captivated by the emergence of Solana-based tokens featuring poorly drawn celebrities and political figures. Tokens like Jeo Boden and Danold Tromp have experienced remarkable gains, with one trader claiming to have turned a small investment of $260 into $42,000. While some investors dismiss memecoins as foolish, others see them as an opportunity for significant returns, as long as they are willing to take the associated risks.