“Jeo Boden,” a Solana-based meme coin parodying President Joe Biden, recorded a new all-time high Wednesday at a market capitalization of $379 million, surging more than 50% on the day.
What Happened: The price surge prompted cryptocurrency trader @housetechnolove to draw parallels between the market performance of Truth Social and the Boden meme coin in a Tuesday X (formerly Twitter) post.
The trader pointed out that despite Truth Social’s market cap of $6.8 billion and a revenue of $4 million in 2023, the stock trades at a revenue multiple of 1700x.
He noted that the performance of Truth Social’s stock is not tied to its financials, but rather to the strong support for Donald Trump among his followers.
This compares to the Boden meme coin, which has gained popularity due to its virality and the strong community around it. However, it is not pro-Biden but rather a caricature of the president.
Both Truth Social and the Boden meme coin represent the enormous frustration people have with the current political regime, according to the trader, who concludes: “higher.”
Read Also: Trader Who Urged Everyone To Buy $1 Of Bitcoin In 2013 Now Advocates For ‘Dogecoin Killer’ Shiba Inu
Why It Matters: The coin surged 252% in March, delivering astonishing returns to early investors. It has barely slowed down and overtaken MAGA Memecoin TRUMP/USD as the political meme coin of the hour.
While the latter features in the cryptocurrency portfolio of former President Donald Trump, it has struggled to keep up with the growth of meme coins on Solana SOL/USD.
The twice-impeached Trump noted he has been making money from “crazy new currencies,” though he did not elaborate further in a March CNBC interview.
Meme coins have seen a revival in 2024, attracting strong investment through viral marketing campaigns. Dogwifhat WIF/USD has surged to third position among meme cryptocurrencies after putting "a hat" on the Wall Street Bull statue and a marketing stunt on the Las Vegas Sphere, paving the way for other coins.
What’s Next: The continued strong price action prompted commentators on social media to call for further upside, with one exclaiming “$1B mcap is absolute FUD,” considering “full election cycle craziness” is still to come.
The impact of meme coins on in cryptocurrency investments is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
