Benzinga - In 2024, apart from the dominance of Bitcoin and approval of spot exchange-traded funds (ETFs), the next-biggest story has been meme coins.
These projects, which are constantly popping up, offer little value to investors and rely on a mob mentality to drive the price higher and create returns for investors. This has resulted in extremely volatile and risky investments. However, some tokens have brought about unbelievable returns for investors.
Don't Miss:
- Dogecoin millionaires are increasing — investors with $1M+ in DOGE revealed!
- Bitcoin has jumped another 45% already this year – how much would you need to get started today?
One of these tokens is called Jeo Boden (BODEN), and yes, the name is spelled incorrectly on purpose. The token pokes fun at President Joe Biden, making memes and jokes about him. The token, which launched in March, is based on the Solana blockchain and has attracted huge amounts of attention in recent months.
One of the reasons for this attention was a contest of sorts where the creators of BODEN promised 1,000 tokens to whoever brought a BODEN sign to a Trump rally in Grand Rapids, Michigan. The rally, which took place on April 2, surprisingly attracted several signs and the winners received their BODEN tokens.
Shortly after the rally, the price of the token skyrocketed to new highs. The market cap neared $700 million and got close to the top 100 tokens by market cap in the entire crypto space.
At launch, the token traded for $0.0003. At its peak, it went as high as $1.07. This created gains of over 350,000% in just over a month. This means that an investment of $1,000 would have been worth over $3.5 million at highs.
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
BODEN is currently trading for around $0.65, which is 216,000% above the launch price. At current prices, an initial investment of $1,000 is worth more than $2.1 million.
The token provides no value to investors, has anonymous founders and has no plans for the future. However, you would be hard-pressed to find an asset that has performed better in the last month. The wild and unbelievable rise of BODEN shows how a small community of investors can create huge gains through the meme coin medium.
The BODEN project also has a Trump-themed memecoin, called Doland Tremp (TREMP). While this token has also performed extremely well, it is not to BODEN's level.
Some attribute the revival of Solana (SOL) as a whole to these memecoins. SOL has neared all-time highs (ATHs) in 2024, and some of the biggest new projects have been meme coins. Some other Solana meme coins include dogwifhat (WIF) and Bonk (BONK). These tokens bring in new investors who must buy SOL to access the meme coins.
With an outlandish month behind BODEN, no one knows what the future holds for the token. Will the price keep going up on the back of a strong community? Will the price completely crash? Only time will tell.
Read Next:
- About 22% of the adult population in the U.S. own a share of Bitcoin, how much would $10 get you today?
- Large boom in cryptocurrency and metaverse interest as BTC skyrockets — has Apple Vision Pro increased the demand for virtual real estate?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.