Benzinga - In March, two memecoins on the Solana chain were launched, poking fun at the presidential candidates in the upcoming election. The tokens, which feature crudely drawn images of the candidates, have exploded in popularity since launch. The Joe Biden themed token is called Jeo Boden (BODEN), while the Trump themed token is called Doland Tremp (TREMP).
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The tokens have sported gains to the magnitude of hundreds of thousands of percent, going from a small fraction of a cent to nearly $1. These gains were furthered when former president Donald Trump directly acknowledged the memecoins.
Trump met with supporters at an NFT event in Mar-a-Lago, where those who bought more than 47 of the $99 each NFTs could meet with the former president directly. One of the supporters asked Trump about BODEN, saying that "there's a token that has been released making fun of Joe Bidem, and it's worth $240 million. I don't know if you are aware of that".
Trump responded saying, "that's a lot of money for a coin. I don't like that investment".
The price of the both tokens became much more volatile shortly after the audio was posted on X. The price of BODEN jumped from $0.35 to nearly $0.45 within an hour. However, the price has since fallen back to around $0.35.
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The price of TREMP, on the other hand, has seen enormous gains since the post. Moments before the post, TREMP was trading for less than $0.30, but immediately gained over 100%, trading as high as $0.61 within an hour. Overnight, the price continued to climb, reaching a high of $0.91. This marked total gains of over 200% within seven hours.
This inevitably led to many investors taking profit, and the price of TREMP retraced to around $0.75. However, it is still up more than 170% in the past 24 hours. However, the market cap of TREMP is still less than that of BODEN. TREMP is worth around $70 million, while BODEN is still worth $240 million.
One user commented on the post saying, "is this real life", to which the official "wallstreetbets" account responded, "is life real". In total, the post has received over 550,000 views in less than 24 hours.
Additionally, some believe that the wording of the question made it seem as though each token was worth $240 million, instead of the entire project. If this is how Trump interpreted the question, it could have influenced his answer. Regardless, the comments have brought significant attention to the tokens.
The comments from Trump are extremely surprising and not something that many saw coming. The projects have mostly been popular with those inside the crypto community and have not made much noise outside of that. However, Trump's comment could bring about even more attention from those outside of crypto.
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