Cryptocurrency enthusiasts who invested early in a new meme coin named after a humorous misspelling of U.S. President Joe Biden’s name – “Jeo Boden” – saw substantial gains this Wednesday, with returns surpassing 100 times their initial investment.
What Happened: This has sparked a wave of similar meme tokens named after various political and public figures with intentional misspellings.
Meanwhile, Dogecoin DOGE/USD, and Shiba Inu SHIB/USD were down 4%-6% in the last 24 hours.
Trending: Bitcoin To $100,000? Here’s what gold bug Peter Schiff said could happen on Anthony Pompliano’s podcast.
Solana SOL/USD, the blockchain platform, has become a popular choice for those willing to take their chances on meme coin offerings. The latest trend features coins with tickers like BODEN, TREMP, and DANOLD, all experiencing a significant surge in value.
The “Jeo Boden” coin, abbreviated BODEN, has seen a 1,133% increase in its price within a single day, achieving a market cap exceeding $40 million. It has set off a chain of other related projects now leading the meme coin market.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The timing of “Jeo Boden’s” popularity might coincide with the upcoming U.S. elections, but it seems that its appeal lies in its comedic nature. This interest comes at a time when meme coins have been increasingly popular, especially with Bitcoin reaching new high prices.
An online post dated March 6 details a crypto investor known as “Barkery” who claims to have transformed $260 into $42,000 in merely two days. They did this by purchasing 11.73 million tokens of “Jeo Boden” (BODEN).
A subsequent post on March 7 updated Barkery's followers that the value of their holdings had ballooned to $423,000, which equates to a 165,285% profit, although they disclosed having sold a portion of their tokens by then.
Benzinga’s Note: Please note that while some investors have reported significant earnings from meme coins like “Jeo Boden,” these digital assets are known for their extreme price volatility. Meme coins often witness rapid price fluctuation, making investments in them highly speculative and risky.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $66,381, up 4.5% over the last 24 hours, according to data from Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
