By
Svetlana Soroka
April 28th, 2024
BODEN’s surge in value is part of a broader trend of meme coins inspired by prominent figures such as politicians and celebrities.
In a remarkable turn of events in the cryptocurrency market, a meme coin named after US President Joe Biden has experienced an astounding surge in value, soaring by an impressive 830% in just six hours. CoinMarketCap data reveals that the token, known as BODEN, has surged by over 2431% in the last 24 hours at press time, after experiencing an 830% increase in the last eight hours. Trading at around $0.018, this Solana-based meme coin has recorded a market volume of $24 million in just 24 hours.
BODEN Leads the Meme Coin Rally
Investors are being advised to approach such cryptocurrencies with caution due to their higher volatility risks compared to utility tokens. These coins, created based on internet memes or cultural phenomena, often witness significant price swings and are susceptible to manipulation, rug pulls, and exit scams.
BODEN’s surge in value is part of a broader trend of meme coins inspired by prominent figures such as politicians and celebrities. These tokens aim to leverage the popularity of their namesakes to attract investors seeking quick profits.
Just last week, Coinspeaker reported that Pepe coin (PEPE), another meme project built on the Solana ecosystem, witnessed a 190% surge within a short period. The token reached a new milestone of $1 billion market cap, leading the meme coin frenzy at the time.
Despite this, BODEN has taken the lead this week, surpassing even Dogecoin (DOGE), the first meme coin created on Solana and a people’s favorite. BODEN has also outperformed dogwifhat (WIF) and Bonk’s BONK.
Developers Launch New Meme Coins
BODEN’s rise has heralded a new wave of meme coins into the crypto industry as developers seek to capitalize on the hype to attract investors looking to capitalize on quick gains.
Several similar tokens based on the likes of Elon Musk, Kanye West, and Donald Trump have been introduced into the market. However, it remains to be seen how they will perform.
Meanwhile, the surge in BODEN comes as Bitcoin (BTC), the leading crypto in the market, hit a new all-time high of $69,300 for the first time since 2021.
However, the excitement was short-lived as the kingcoin retraced back to as low as $60,000, wiping out over a billion dollars from the market.
Although BTC has since recovered, currently trading around $66,000, Ethereum (ETH), the second-largest digital asset by market capitalization, is on track to reach a new all-time high. The digital asset is now trading at $3,900, charting its course towards the $4700 mark it reached during the peak bull run in 2021.