Traders are now gambling on ‘poorly drawn’ famous memecoins.
Memecoin traders are flocking to a new fad in Djinn tomfoolery – a breed of Solana-based tokens based on “poorly drawn” celebrities and politicians.
Newly listed memecoins such as “Jeo Boden” and “Danold Tromp” – deliberately resembling junky art – have gained 174,900% and 59,900% respectively since their launch.
One trader even says that the coins have made some serious returns on these tokens despite having no public founder, no roadmap and nothing to offer in the way of utility.
In the year In a March 6 X post, an anonymous crypto investor named “barkery” claimed to have made his first total by buying 11.73 million “Joe Boden” tokens, “BODEN” – a bad-themed version of US President Joe Biden, turning just $260 into $42,000 in two days.
In X's post on March 7, Barkery told his 17,000 followers that his BODEN holdings were worth a total of $423,000 — about a 165,285% profit — but that he had sold about 3 million tokens during the period. .
The Joe Boden token launched on March 4th with a market cap of $20,000, but at the time of publication this has grown to $35 million, a 174,900% increase in three days by Birdeye.
memecoin seems to draw its inspiration from the popular meme format of 2012, the “Spiderman” meme.
Other similarly themed tokens have been launched, many of which refer to famous people, including former US President Barack Obama as “Berrick Obama”, MicroStrategy Chairman Michael Saylor as “Michael Saylor” and Andrew Tate as “Andrew Tate”.
Some of the other similar memecoins also performed BODEN; However, many have made reasonable profits.
The memecoin, dubbed DANOLD, rose from a capitalization of $15,000 on March 6 to $15 million on March 7. Birdeye information.
While more serious investors may see memecoins as a fundamentally “dumb” investment, crypto natives have the potential for more partial returns to them, as long as potential investors are willing to take the risks and lose their principal.
Evgeny Verzun, director of Kaizen.Finance, told Cointelegraph that the tokens themselves may not have the fundamentals, but they could be a good way to get returns on small initial investments.
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