Solana-based Memecoins Based on Crudely Drawn Celebrities Witness Explosive Growth
Summary:
Memecoin traders are showing interest in a new trend of Solana-based tokens modeled on crudely illustrated celebrities and politicians. Memecoins including "Jeo Boden" and "Danold Tromp" have seen exponential growth since their launch. Despite the coins lacking a public founder or roadmap, an anonymous crypto investor turned a $260 investment in "Jeo Boden" tokens into over $40,000 in two days, later growing to over $423,000. While these tokens lack fundamental backing, they offer potential for sizable returns on small investments, with an associated risk of loss.
The craze around memecoin traders has triggered a surge in interest in a fresh trend that revolves around Solana-based tokens modeled on "crudely illustrated" celebrities and political figures. The recently introduced memecoins "Jeo Boden" and "Danold Tromp", known for their humorous, intentionally crude artwork, have witnessed an increase of 174,900% and 59,900% respectively since they were launched. Despite the lack of a public founder, roadmap or utility features, a trader testifies to have earned considerable returns on these tokens. A pseudonymous crypto investor named "Barkery" discloses in a March 6 X post that he managed to make $42,000 from a simple $260 investment in two days by buying 11.73 million "Jeo Boden" tokens, represented by the ticker "BODEN". This token showcases a humorous sketch of the current U.S. president Joe Biden. In a subsequent X post on March 7, Barkery announced to his 17,000 followers that his Boden investments were now valued at $423,000, marking a 165,285% increase, though he admitted to having sold roughly 3 million tokens by that point. The Boden token, launched on March 4 with a $20,000 market cap, has since increased to $35 million, indicating a staggering growth of 174,900% in merely three days, as reported by Birdeye. This memecoin appears to have originated from a meme style known as the "Spooderman” meme, made popular in 2012. Several tokens with similar themes have been unveiled, featuring well-known personalities such as former U.S. president Barack Obama represented as "Berik Obema", MicroStrategy chairman Michael Saylor as "Mechael Seylor", and Andrew Tate as "Androo Tete". While Boden has outperformed many of the similarly-inspired memecoins, a few have registered commendable increases. The Danold Tromp (DANOLD) memecoin skyrocketed from a market cap of roughly $15,000 upon its March 6 launch to a peak of $15 million on March 7, before seeing a significant drop of 88% from its highest point. Though critics might view memecoins as unorthodox investments, crypto enthusiasts see them as an opportunity for significant returns, albeit with the understanding of potential risk and loss. Evgen Verzun, director of Kaizen.Finance, opines to Cointelegraph that these tokens, despite lacking fundamental backing, can be a lucrative option for promising returns on small initial investments.
Published At
3/7/2024 8:53:28 AM
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