Benzinga - A new meme coin named Jeo Boden, humorously misspelling U.S. President Joe Biden's name, delivered astonishing returns to early investors this Wednesday, multiplying their initial investments by over a hundredfold.
What Happened: This phenomenon ignited interest in a series of meme tokens, each bearing the names of political and public figures with playful misspellings.
The Solana (CRYPTO: SOL) blockchain has become the hotbed for these speculative ventures, hosting coins with tickers such as BODEN, TREMP and DANOLD, all of which have seen remarkable value increases.
The spotlight shines brightest on the Jeo Boden coin, which surged 252% in just 24 hours to trade at $0.17, pushing its market capitalization to over $121 million.
This surge catalyzed a wave of similar projects, now dominating the meme coin sector.
Jeo Boden's appeal and its ilk seemed to be their comedic value, particularly as the U.S. gears up for upcoming elections.
Amidst this frenzy, established meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have also seen their values increase by 7% and 1.6%, respectively, in the past 24 hours.
This surge in meme coin popularity coincided with Bitcoin reaching new price highs, highlighting a broader interest in cryptocurrency investments.
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Why It Matters: A notable story within this trend is that of a crypto investor known online as Barkery, who reportedly turned a $260 investment into $42,000 in just two days by purchasing 11.73 million BODEN tokens.
Barkery later updated their followers that the value of their holdings had skyrocketed to $423,000, marking a 165,285% profit, although they admitted to selling some of their tokens by that point.
In a tweet on Wednesday, Barkery hinted at holding onto 5.8 million BODEN tokens, with plans to sell them at higher prices, stating, "reminder that i still have 5.8 milliion boden tokens and am looking forward to dumping them on you at higher prices."
Adding to the conversation, a tweet from Solana influencer Ansem suggested that BODEN could serve as a counterpart to MAGA Memecoin (CRYPTO: TRUMP), which boasts a market cap of approximately $400 million.
The tweet highlighted the comedic potential of Biden's "lack of togetherness" and anticipated increased attention on both Donald Trump and Biden due to the election, potentially driving interest in these meme coins.
Read Next: Why Can't Dogecoin And Shiba Inu Keep Up With Other Meme Coins?
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