Jeo Boden BODEN/USD, a Solana-based meme coin parodying President Joe Biden, recorded yet another all-time high on Thursday, surpassing a $500 million market cap on another 40% surge.
What Happened: Currently around $0.75, the meme coin is on track for an 82% weekly gain at the time of writing, after launching at the beginning of March.
According to pseudonymous trader @turbofuch, BODEN is especially popular in China. The trader cites a Chinese colleague that claims the meme is being actively discussed in groups on WeChat, a Chinese messaging app. Supposedly, President Biden’s gaffes are a matter of active discussion, amplifying the popularity of the meme.
The surge marks the second straight day of BODEN recording an all-time high. The meme coin now trades at more than double the valuation of its political meme coin rival MAGA Memecoin TRUMP/USD, enjoying a $500 million to $235 million market cap lead.
Read Also: Dogecoin ‘Running The Cycle Of 7 Years,’ Says Trader: ‘We Won’t Believe Doge Will Be $2, $9 & $40’
Why It Matters: The surge prompted social media commentators to call for significantly more upside. One trader cites a similar chart pattern to its Solana SOL/USD meme coin rival dogwifhat WIF/USD, saying “the bodening has arrived.”
Another trader predicts BODEN to eventually make its way into mainstream news channels like Fox, CNN and Bloomberg once the meme coin reaches $1 billion in market capitalization. He also forecasts that “At some point in the next 6 months, Trump will utter the name “Jeo Boden.”
Another trader commented with the words, “Every meme is a derivative of dogecoin. Besides maybe boden.”
Indeed, with the exception of the frog meme Pepe PEPE/USD, most meme coins like WIF or Floki Inu FLOKI/USD have tried to replicate the success of Dogecoin DOGE/USD by following the dog meme path. Shiba Inu SHIB/USD, yet another dog-themed meme coin, has thus far been the only one that has come close to achieving that feat.
Still, even the wildly popular WIF hasn’t quite caught up to Dogecoin, while Pepe, the most successful meme coin that is not a dog, still has $24 billion to go.
Jeo Boden would have to trade at $32, if it were to reach the market capitalization of Dogecoin today, and at $24 to “flip” Shiba Inu.
What's Next: The impact of meme coins on in cryptocurrency investments is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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