Parody Meme Token BODEN’s Market Cap Surpasses $200 Million

The market capitalization of the meme cryptocurrency Jeo Boden (BODEN), which parodies U.S. President Joe Biden, on the Solana network has reached $220 million, according to GeckoTerminal data.

Launched on March 9, the coin is available exclusively on the decentralized Solana exchange Raydium and is not yet listed on any centralized platforms. 

“Boden is the 46th president of Soluna. His account totals three hundred trillion million billion dollars. This wallet belongs to both Jeo Boden’s treasury and the community. Any donated funds will be directed towards marketing, listings, giveaways, and so on,” states the project’s website.

The developers also reminded that BODEN “has no intrinsic value” and “should not be expected to provide financial gain.”

The asset has become part of the meme frenzy on Solana. Alongside it, other parody tokens of celebrities like Danold Tromp and Olen Mosk have emerged. 

Since March 12, 33 pre-funding campaigns for coin launches have taken place in the Solana ecosystem, collectively raising about $140 million. The largest was the presale of the meme coin Book of Meme (BOME). 

Amid the ongoing excitement, Solana-based decentralized exchanges have captured about half of the market in terms of daily trading volume. The segment leader is the Jupiter platform with $2.66 billion, followed by Raydium with $2.4 billion.

A representative of the Singaporean crypto-education firm Gryphsis Academy told Cointelegraph that meme coins can quickly attract attention “due to their wide viral spread on social media platforms.” 

“An engaging tweet or Reddit post about a meme token can spread like wildfire, instantly reaching a vast audience,” he explained. 

The sense of scarcity and focus on timeliness have led to meme cryptocurrencies gaining “increased relevance” among investors, the company added. 

Previously, the creator of the meme coin Slerf, which was raising funds through a presale, accidentally burned all the coins for the liquidity pool and airdrop. Despite the issues, the crypto community and major players supported the project.