Donald Trump, the 2024 US presidential candidate, is not too keen on the “Jeo Boden (BODEN)” memecoin, a humorous crypto token mimicking current President Joe Biden.
Former President Trump, responding to questions from fans, mocked memecoin after hearing that the token’s market capitalization had reached $240 million. “That’s a lot of money for a coin, I don’t like this investment,” he noted.
His remarks came during a special Trump NFT event for holders held Wednesday at his Mar-a-Lago resort in Florida.
According to blockchain data from DexScreener, Solan-based memecoins depicting caricatures of Biden and Trump saw huge gains last month.
Crypto tokens referring to the misspellings of the two candidates – “Jeo Boden” and “Doland Tremp” – went head to head with trading. At one point, the market capitalization of “Jeo Boden” and “Doland Tremp” amounted to $473 million and $83 million, respectively.
Memecoins have recently gained popularity on the Solana blockchain due to their speed and low transaction costs. According to CoinGecko data, SOL-based memecoins have a total market capitalization of $7.31 billion at the time of publication.
Trump, who is fighting for re-election, is also open to cryptocurrency donations to the campaign. When asked by the crowd: “Can we make a donation using cryptocurrencies?” Trump noted: “If you can’t, I’ll make sure you can.”
Boden Memecoin jumps 25%
Following Trump’s remarks, the price of Boden memecoin saw a 25% increase on Wednesday. After peaking at $0.43, the price quickly dropped to $0.366. The token is still up 15% and is trading at the same price at the time of this writing.
As their name suggests, memecoins are crypto tokens inspired by Internet memes and jokes, as well as public figures. These tokens derive value mainly from links to popular people’s events. These coins are also characterized by high volatility and tend to lose value quickly once they are put on the market.
Recently, a trader nicknamed Crypto Dog predicted that memecoin Jeo Boden is about to break out after a period of consolidation. Since the beginning of March, memecoin’s price has seen a remarkable 20-fold increase.
