Riding on the back of a lukewarm opinion from former US President Donald Trump, the memecoin “Jeo Boden” has rocked the crypto scene. After Trump referenced the quirky cryptocurrency—a satirical misreading of President Joe Biden’s name—at an NFT rally in Florida, it shot skyward.
Previously a source of entertainment, Boden’s increase of 20% following Trump’s offhand comment has made previously a hobby a major financial commitment.
Trump Rally Or Fleeting Frenzy? Analysts Divided
The reaction of the bitcoin community on Trump’s reference of Boden has been polar. Some analysts, like Samantha Wilkins, think every reference to a well-known person like Trump benefits the memecoin. They argue that Boden has demonstrated to be a resilient and smart investment, and that the buzz around it has just gotten more intense with Trump’s comment.
Trump Speaks on $BODEN at NFT Event
“That’s a Lotta Money for a Coin, I Don’t Like That Investment”
Audio Source: @realDannyNelson pic.twitter.com/8NcpuCc6ZI
— db (@tier10k) May 9, 2024
Still, some experts are dubious. They warn Boden is vulnerable to quick changes in the market since its worth is based on hype rather than use. One unfavorable tweet from Trump or a change in market mood may bring Boden down just as fast it ascended.
Will Trump Re-Boden The Market?
The contract speculating established by Polymarket on the possibility of Trump referencing the memecoin once more before July adds still more layer of mystery to the Boden story. With the contract’s “yes” price at $0.05 right now, there is an 11% probability Trump will say “Boden” in the next months.
Source: Polymarket
This special circumstances creates an odd situation when the value of a memecoin depends on the whims of a past president. Should Trump return to Boden in a future speech or tweet, this might set up yet another price explosion.
If he stays silent, though, the present buzz about Boden could fade and investors with a depreciating digital punchline would be left empty-handed.
Jeo Boden is currently trading at $0.2799. Chart: TradingView
Boden: A Gamble On Speculation
For memecoin aficionados, Boden’s ascent functions as a warning story. Although these tokens might provide tremendous gains, their value is usually related to ephemeral trends and outside events outside their influence. The future of Boden is yet unknown with the mysterious Trump as a wildcard impact.
As the strange crypto narrative of Boden develops, investors are keenly awaiting the next episode. Regarding speculation, the value of the coin moves on the brink of doubt. The Boden phenomena draws attention to the erratic character of memecoins and the dangers connected to investing in such erratic assets.
Featured image from Reddit, chart from TradingView
