The memecoin frenzy has struck again, and this time it’s centered around the likeness of US President Joe Biden. BODEN, a token named after the president, has experienced – at one point – a mind-boggling surge in value, skyrocketing by a jaw-dropping 5,000%, according to CoinMarketCap.
BODEN’s meteoric rise is just one example of the wider trend of meme coins seeking to capitalize on the popularity of prominent figures, be they politicians or celebrities. These tokens aim to attract investors seeking quick profits by leveraging the fame of their namesakes.
Memecoin Fever: BODEN Makes Big Noise
Trading data from CoinMarketCap reveals that BODEN, a Solana-based meme coin, has seen an astronomical rise of over 2,400% within the last 24 hours, marking a milestone in the crypto world. With a trading price of approximately $0.018, this quirky digital asset has amassed a staggering market volume of $24 million in a mere day.
BODEN token price. Source: CoinMarketCap
The surge in BODEN’s value has ushered in a new wave of meme coins, as developers seize the opportunity to capitalize on the hype and allure investors seeking swift gains.
Trump Memecoin Also In The Spotlight
Meanwhile, the cryptocurrency TRUMP, associated with Donald Trump, recently dropped to $8.08, although it still maintains a considerably higher value compared to its year-end price. Despite not being directly linked to politicians, Trump had previously received over 579,000 TRUMP tokens from the project team.
Total crypto market cap at $2.44 trillion on the daily chart: TradingView.com
The asset experienced a significant surge in January 2024, reaching a value of $4 million in Trump’s wallet, compared to trading between $0.01 and $0.08 in November 2023. The price increase is attributed to political victories by both Biden and Trump during the Super Tuesday contests, with Trump winning in 14 out of 15 states as the Republican candidate.
BODEN Flexes Muscles
However, BODEN has taken center stage this week, surpassing even the beloved Dogecoin (DOGE), the pioneer meme coin on Solana. BODEN’s performance has even outshined dogwifhat (WIF) and Bonk’s BONK, solidifying its dominance in the meme coin realm.
Amidst the meme coin frenzy, let’s not forget the reigning king of the crypto world—Bitcoin (BTC). The leading digital currency experienced a fleeting moment of glory as it soared to a new all-time high of $69,300, a record not seen since 2021. However, the excitement was short-lived as BTC quickly retracted to as low as $60,000, causing a billion-dollar wipeout in the market.
Featured image from AFP; Getty Images, chart from TradingView