Solana Memecoin 'Jeo Boden' Skyrockets Past $250 Million Market Cap

The Solana memecoin Jeo Boden (BODEN), a parody of US President Joe Biden, has experienced a remarkable surge, surpassing $250 million in market cap. Despite developer warnings about its lack of intrinsic value, BODEN has attracted significant attention and investment, fueled by its viral nature on social media, a sense of urgency, and the involvement of influential figures in the Solana ecosystem.

Solana Memecoin 'Jeo Boden' Surges Past $250 Million Market Cap

Jeo Boden (BODEN), a Solana-based memecoin parodying U.S. President Joe Biden, has experienced a meteoric rise, surpassing a market capitalization of $250 million with a 54% gain within the past 24 hours as of March 25.

Exclusively available on the decentralized exchange Raydium, the memecoin has yet to secure listings on any centralized platforms. Its official website, launched on March 9, humorously describes "Boden the 46th pres of soluna" as aiming to "mäk three hundred trillion million billion dollars." Developers emphasized that any funds donated would be allocated towards marketing, listings, and giveaways.

"BODEN has no association with Joe Biden. This token is simply a meme coin with no intrinsic value or expectation of financial return," the website cautions.

Despite such warnings, Solana memecoins have enjoyed a remarkable surge in popularity, with over $122.5 million raised through 27 presales in 2024 alone. According to Singaporean crypto education firm Gryphsis Academy, meme tokens excel at capturing attention through widespread viral sharing on social media.

"An engaging tweet or a captivating Reddit post about a MEME token can spread like wildfire, reaching vast audiences in no time," Gryphsis explained.

Moreover, a sense of scarcity and time-sensitivity has instilled a heightened urgency among investors. "This urgency, crafted through limited-time offers, exclusive airdrops, and the backing of influential figures or ecosystems, compels investors to act swiftly," Gryphsis researchers noted. "The fear of missing out on these fleeting opportunities prompts quick decision-making, ensuring that individuals feel compelled to jump on board without delay."

On March 19, Solana co-founder Anatoly Yakovenko urged investors to "stop doing this" amid the ongoing memecoin presale craze. Trading data platform Birdeye reported that over 19,000 new Solana tokens with some form of liquidity have launched in the past week alone. Experts have cautioned that the probability of a "rug pull" – a scam where developers abandon a project and abscond with investor funds – is significantly higher than the likelihood of substantial returns.

BODEN's developers have launched a "MEME MADNESS ROUND 1" voting contest, inviting users to submit and vote on Boden-themed creations. The contest runs until March 24, 5pm CST.