The market capitalization of the meme cryptocurrency Jeo Boden (BODEN) parodying US President Joe Biden on the Solana network has reached $220 million, data shows. GeckoTerminal.
Launched on March 9, the coin is only available on the decentralized exchange Solana Raydium and is not yet listed on any centralized platform.
The developers also reminded that BODEN “has no intrinsic value” and “no financial benefit should be expected from it.”
The asset became part of the meme frenzy on Solana. In parallel with it, other parody tokens of celebrities like Danold Tromp and Olen Mosk appeared.
Since March 12, 33 pre-fundraising campaigns for the launch of coins have been held in the Solana ecosystem, which in total raised about $140 million. The largest was the pre-sale of the meme coin Book of Meme (BOME).
Amid the ongoing hype, decentralized exchanges based on Solana have captured about half of the market in terms of daily trading volume. The segment leader was the Jupiter platform with $2.66 billion, followed by Raydium with $2.4 billion.
A representative of the Singaporean crypto-educational company Gryphsis Academy comments Cointelegraph stated that meme coins have the ability to quickly gain attention “due to widespread viral distribution on social media platforms.”
A sense of scarcity and an emphasis on timeliness have led to meme cryptocurrencies gaining “increased relevance” among investors, the company added.
Source: Cryptocurrency
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