Jeo Boden" Memecoin Surpasses $250M Market Cap, Spurring Solana Memecoin Frenzy
Summary:
The Solana memecoin, "Jeo Boden," parodying U.S. President Joe Biden, has seen a market cap increase surpassing $250 million with a 54% gain in one day. This token, only available on the decentralized exchange Raydium, is not affiliated with Joe Biden but is purely a meme coin. Despite developer warnings, Solana memecoins have been experiencing a surge, pulling over $122.5 million from 27 presales this year. Experts warn about the high risk of a rug pull against large profit chances with these tokens.
Jeo Boden, a Solana-based memecoin emulating U.S. President Joe Biden, has rocketed past a market cap of $250 million, appreciating by a whopping 54% in just 24 hours as of March 25. The coin can only be acquired on the Solana decentralized exchange, Raydium, and is yet to make its appearance on any centralized platforms. "Our 46th chief of Soluna, Boden's mission is to amass three hundred trillion million billion dollars," stated the creators on its official site following the token's inception on March 9. "This wallet is for both the Jeo Boden community and treasury. Donations given will be allocated to marketing strategies, listings, giveaways, and so forth," they continued: "$BODEN is not affiliated with Joe Biden. This coin is merely a meme token with no inherent value or anticipated monetary gain." Despite such advisories from developers, Solana memecoins have experienced a wild ride, collecting over $122.5 million from 27 presales happening this year. Gryphsis Academy, a Singapore-based crypto-education firm, remarked, "MEME tokens have a knack for attracting attention swiftly due to their broad, viral spread across social media platforms," They added, "An impactful tweet or a captivating Reddit post on a MEME token can explode rapidly, instantly reaching widespread audiences." Gryphsis further expounded that a sense of scarcity and focus on timeliness have driven memecoins to whip up a "sense of urgency" among investors. "This urgency, crafted through limited-time offers, exclusive airdrops, and influential figures or ecosystems' support, nudges investors to act quickly," highlighted the researchers, "The fear of missing out on these fleeting opportunities precipitates swift decision-making, making individuals feel the need to hop on the bandwagon immediately." Anatoly Yakovenko, Solana's co-founder, cautioned investors on March 19 to refrain from partaking in the ongoing Solana memecoin pre-sale frenzy. Just in the preceding week, over 19,000 fresh Solana tokens with some liquidity have emerged, as indicated by trading data platform Birdeye. Post these developments, industry leaders have sounded the alarm that risk of a rug pull is far greater than making a substantial profit with these tokens. BODEN MEME MADNESS ROUND 1 HAS COMMENCED. Voting is active until Tuesday at 5pm (CST). We received an astonishing 60+ entries from our bodeners✊. Please take the time to vote for the laborious efforts put into crafting these! You can cast your vote at https://t.co/rcRz1lunaE&mdash.
Related: Solana (SOL) breaches $150 mark amid bid by Pantera Capital, spike in memecoin and DApp activity.
Published At
3/25/2024 7:45:00 PM
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