Jeo Boden (BODEN), a satirical memecoin inspired by United States President Joe Biden, has achieved a market capitalization exceeding $250 million, with a 54% increase in value within the last 24 hours as of March 25.
This particular memecoin is exclusively available on the decentralized exchange Raydium on the Solana blockchain and has not yet been listed on any centralized platforms. “Boden the 46th pres of soluna. His jeb is te mäk three hundred trillion million billion dollars,” stated the developers on the token’s official website following its launch on March 9. They further added, “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 the developers, Solana memecoins have experienced a frenzy of activity, with over $122.5 million raised from 27 presales just this year. “MEME tokens have a unique ability to quickly capture attention through their widespread viral sharing on social media platforms,” explained Gryphsis Academy, a Singaporean crypto education firm, to 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 elaborated that a sense of scarcity and the importance of timeliness have contributed to the development of a “heightened 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 swiftly,” the researchers wrote. “The fear of missing out on these fleeting opportunities encourages quick decision-making, ensuring that individuals feel compelled to join in without delay.”
On March 19, Anatoly Yakovenko, co-founder of Solana, cautioned investors to “stop doing this” in response to the ongoing craze surrounding 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. Since then, experts have warned that the likelihood of a rug pull is much higher than the chance of one’s tokens skyrocketing in value.
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Solana (SOL) surpasses $150 amid Pantera Capital’s bid, surge in memecoin and DApp activity.