On Monday, the memecoin called Jeo Boden, which is based on President Joe Biden and is hosted on the Solana platform, hit a new high, crossing the $1 threshold for the first time. However, it subsequently fell and now hovers around $0.817. Over the past week, its value has jumped by more than 170%, while over the last month, it has experienced a surge of over 400%.
Analysts had varying opinions regarding the coin’s future. Notably, cryptocurrency influencer Ansem, as mentioned in Benzinga, is convinced that $BODEN will garner attention from Democrats and Republicans alike. Former President Trump, who has recently shown an increasing affinity towards cryptocurrencies, may also take notice of it.
Other people agreed, stating that Trump’s recognition of the meme coin could potentially boost its growth even more. Currently, Jeo Boden is surpassing the value of its political counterpart, the MAGA Memecoin, which currently stands at a valuation of $300 million after recent increases.
Social media buzz has sparked debates about BODEN‘s future prospects. Some observers think it may outshine other meme-driven cryptocurrencies like Dogecoin ($WIF), which gained prominence earlier in 2021, due to possible mentions during the U.S. Presidential race by ex-President Donald Trump.
imagine when trump starts saying boden lol – hes into crypto so he will be aware of it
— confugen (@confugen) April 4, 2024
According to CryptoGlobe’s latest update, the combined value of meme tokens in the cryptocurrency world has surpassed $56 billion. This significant increase, approximately triple the starting value for 2021, comes as part of an exhilarating trend fueled by the hype surrounding memecoins. Traders have experienced both immense gains and losses within a matter of days during this mania.
Based on IntoTheBlock’s Q1 2024 On-Chain report, there was a surge in interest for memecoins during the first quarter of this year, which is the highest recorded since 2021. Remarkably, this occurred without the distribution of government stimulus checks, unlike during the previous memecoin market surge caused by the COVID-19 pandemic. IntoTheBlock emphasized that there has been a robust appetite for these seemingly worthless crypto-assets.
The report from the company mentions it’s uncertain if the current situation is caused by an overheated economy or simply increasing financial despair. Financial despair signifies the belief that the escalating cost of living and dwindling financial prospects have become unsustainable.
In recent times, memecoins have taken center stage in the crypto world, with the craze surrounding them reaching new heights. Notably, the trading volume for meme-driven tokens such as $SHIB, $PEPE, and $FLOKI exceeded that of Bitcoin on WazirX, India’s leading cryptocurrency exchange, last month.
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2024-04-10 03:17