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The Curious Case of the “Jeo Boden” Memecoin: Trump Scoffs, but the Crypto World Embraces the Joke
In a surprising turn of events, the 2024 US Presidential hopeful, Donald Trump, has found himself entangled with the world of memecoins. The former President, known for his outspoken nature, recently mocked the “Jeo Boden (BODEN)” memecoin, a crypto token that mimics the current President, Joe Biden.
During a special Trump NFT event held at his Mar-a-Lago resort in Florida, the former President responded to fan questions, expressing his disdain for the memecoin’s $240 million market cap. “That’s a lot of money for a coin, I don’t like that investment,” Trump noted, showcasing his skepticism towards this digital creation.
The Boden memecoin, however, seemed unfazed by Trump’s dismissive remarks. In fact, following the former President’s comments, the token experienced a 25% surge in its price, reaching a high of $0.43 before settling at $0.366, still up 15% from its previous value.
Memecoins, as their name suggests, are crypto tokens inspired by internet memes and jokes, often featuring public figures. These tokens derive their value from their association with popular events and personalities, but they are also known for their high volatility and tendency to rapidly lose value after their launch.
The Solana-based memecoins representing caricatures of both Biden and Trump have been making headlines in recent times. At one point, the “Jeo Boden” and “Doland Tremp” tokens saw market capitalizations of $473 million and $83 million, respectively, as they engaged in a head-to-head trading battle.
Despite Trump’s disinterest, the crypto world has embraced the Boden memecoin, with a trader known as Crypto Dog predicting that the token is on the cusp of a breakout after a period of consolidation. The memecoin has witnessed a remarkable twenty-fold surge since the beginning of March, showcasing the unpredictable nature of the crypto market.
As the 2024 US Presidential race heats up, the Boden memecoin’s unexpected rise has added an intriguing layer to the political landscape. While Trump may scoff at the token’s existence, the crypto community continues to embrace the quirky and often unpredictable nature of memecoins, proving that the digital currency world is full of surprises.