Jeo Boden (BODEN), a parody of United States President Joe Biden in the form of a Solana memecoin, has seen its market cap surpass $250 million, experiencing a 54% gain within the last 24 hours as of March 25.
Currently, the memecoin is exclusively available on the Solana decentralized exchange Raydium and has not yet been listed on any centralized platforms. The developers of the token expressed their vision on the official website, stating, “Boden the 46th president of soluna. His job is to make three hundred trillion million billion dollars. This wallet belongs to the Jeo Boden treasury and community alike. Any funds donated will be put towards marketing, listings, giveaways, etc.”
Despite the warnings from developers, Solana memecoins have been on a volatile rise, raising over $122.5 million from 27 presales in this year alone. Gryphsis Academy, a Singaporean crypto education firm, explained that MEME tokens have a tendency to quickly capture attention through viral sharing on social media platforms. A single engaging tweet or Reddit post about a MEME token can spread rapidly, reaching a large audience in no time.
Gryphsis Academy further elaborated that a sense of scarcity and time sensitivity has contributed to the development of “heightened urgency” among investors towards memecoins. This urgency, created through limited-time offers, exclusive airdrops, and the endorsement of influential figures or ecosystems, compels investors to act swiftly. The fear of missing out on these fleeting opportunities leads to quick decision-making, ensuring that individuals feel compelled to jump on board without delay.
Anatoly Yakovenko, the co-founder of Solana, warned investors on March 19 to refrain from participating in the ongoing Solana memecoin presale frenzy. In the past week alone, more than 19,000 new Solana tokens with some form of liquidity have been launched, according to trading data platform Birdeye. Since then, experts have cautioned that the risk of a rug pull is much higher than the likelihood of one’s tokens skyrocketing in value.
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As Pantera Capital makes a bid and memecoin and DApp activity surge, Solana (SOL) has reached a milestone by surpassing $150.