The Solana memecoin craze continues as the Biden parody token reaches a $250M market cap
US President Joe Biden Solana's memecoin parody Joe Boden (BODEN) has surpassed $250 million in market value, up 54% in the past 24 hours since March 25.
Memecoin is only available on Solana's decentralized exchange Radium and is not yet listed on any centralized platforms. “Boden the 46th pres of soluna. His jeb te mäk is three hundred trillion billion dollars,” developers wrote on the token's official website after launching on March 9. “This wallet is a treasure of Joe Boden and a community asset. Any funding will go towards marketing, listings, giveaways, etc.”
“$BODEN has nothing to do with Joe Biden. This token is simply a meme coin with no intrinsic value or monetary return.
Despite developer warnings, Solana memecoins are on a wild run, raising more than $122.5 million from 27 presales this year alone. “MEME tokens have the ability to quickly gain attention through their extensive viral exchanges on social media platforms,” Singapore-based crypto education organization Griffiths Academy told Cointelegraph. “An engaging tweet or interesting Reddit post about a MEME token can spread like wildfire, reaching a large audience in a short amount of time.”
Griffiss notes that the focus on volatility and timeliness has led memecoins to develop “higher urgency” among investors. “This urgency, created by limited-time offers, special airdrops and support from influential people or ecosystems, compels investors to act quickly,” the researchers wrote. “The fear of missing out on these fleeting opportunities drives quick decisions, ensuring that individuals are forced to jump on board without delay.”
On March 19, Solana founder Anatoly Yakovenko warned investors to “stop doing this” amid the Solana memecoin presale frenzy. More than 19,000 new Solana tokens with some liquidity have been launched in the past week alone, according to trading data platform Birdeye. Since then, experts have warned that the chances of pulling a rug are too high for one's symptoms to go to the moon.
Boden meme madness
Round 1 has started. Voting will be live until Tuesday at 5pm (CST).
In total, we received more than 60 submissions from u bodeners✊
People took the time to cook these up, take some time to vote!https://t.co/rcRz1lunaE
— Joe Boden 2024 (@boden4pres) March 24, 2024
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