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Trump Dismisses ‘Boden’ Memecoin’s $240M Market Cap, BODEN Token Surges 25%
- Donald Trump, 2024 US Presidential hopeful, shows disinterest in ‘Jeo Boden’ memecoin, a token mimicking President Joe Biden.
- The former President’s remarks came during a special Trump NFT event at his Mar-a-Lago resort in Florida.
- Despite Trump’s dismissal, the Boden memecoin saw a 25% increase in its price following his comments.
Former President Donald Trump dismisses the ‘Boden’ memecoin’s $240M market cap, leading to a 25% surge in the token’s value. This article explores the details of this development and its implications for the crypto market.
Trump’s Remarks on ‘Boden’ Memecoin
During a special Trump NFT event for holders at his Mar-a-Lago resort in Florida, Donald Trump expressed his disinterest in the ‘Jeo Boden’ memecoin. This token, which mimics current President Joe Biden, had reached a market cap of $240 million. Trump responded to this news by stating, “That’s a lot of money for a coin, I don’t like that investment.”
Impact on the Crypto Market
Despite Trump’s dismissive comments, the Boden memecoin saw a 25% increase in its price. After peaking at $0.43, the price quickly fell to $0.366. However, the token is still up 15% and is trading at the same price at the time of writing. Memecoins, such as the Boden token, are crypto tokens inspired by internet memes, jokes, and public figures. They derive their value from their association with popular events and individuals. However, these coins are highly volatile and often lose value rapidly after their launch.
Future Outlook for Memecoins
Despite their volatility, memecoins have gained popularity on the Solana blockchain due to its speed and low transaction costs. SOL-based memecoins have a combined market capitalization of $7.31 billion at press time. Furthermore, a trader pseudonymous to Crypto Dog predicted that the memecoin Jeo Boden is on the cusp of breaking out after a period of consolidation. The memecoin has witnessed a remarkable twenty-fold surge since the beginning of March.
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Conclusion
While Trump’s dismissal of the ‘Boden’ memecoin initially seemed negative, it led to a significant surge in the token’s value. This development highlights the unpredictable nature of the crypto market and the potential impact of public figures’ comments on token values. Despite their volatility, memecoins continue to attract interest due to their potential for rapid growth.
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