Jeo Boden

Solana

FOMO

Bitcoin

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solanas-meme-coin-craze-skyrockets-as-investors-flock-to-novelty-tokens">Solana’s Meme Coin Craze Skyrockets as Investors Flock to Novelty Tokens</a><br></p>
<p style="text-align: justify"> As <a href="https://en.bitcoinhaber.net/bitcoins-remarkable-price-surge-fueled-by-etf-inflows">Bitcoin</a> hovers around the $73,500 mark, a notable upswing in <a href="https://en.bitcoinhaber.net/solanas-resilience-amidst-market-turbulence-and-ecosystem-growth">Solana</a>‘s meme coin sector has captured market interest. In particular, coins parodying US presidents have seen significant traction. A leading figure in this niche sector has recently made headlines due to a substantial 24-hour price leap. </p> 
<h2 id="soaring-valuation-for-presidential-parody-coin">Soaring Valuation for Presidential Parody Coin</h2> 
<p style="text-align: justify"> The Solana blockchain hosts a meme coin named Jeo Boden (BODEN), a parody of the US President, that has surged by 54% within just a day, catapulting its valuation past the $250 million mark on March 25. Despite its growth, BODEN remains exclusively on Raydium, a decentralized exchange on Solana, and hasn’t yet entered centralized exchange listings. The coin’s developers aim to reach a $300 million market cap, revealing ambitious goals from its conception on March 9. </p> 
<h2 id="explosive-fundraising-despite-developer-warnings">Explosive Fundraising Despite Developer Warnings</h2> 
<p style="text-align: justify"> Despite developer disclaimers about the coin lacking intrinsic value, Solana meme coins have remarkably gathered over $122.5 million from 27 presales in this year alone, a phenomenon characterized by the Gryphsis Academy as “insane.” Gryphsis, a Singapore-based crypto education firm, attributes the memecoins’ success to social media virality and the ability to quickly capture public interest. </p> 
<p style="text-align: justify"> Gryphsis also points to the crucial roles of perceived scarcity and opportune timing in memecoin popularity. The company notes that the tokens play on investor emotions, with strategically timed offers, exclusive events, and endorsements by influential personalities driving rapid action among buyers. This creates a potent FOMO (Fear of Missing Out) effect, pushing individuals to make hasty investment decisions. </p> 
<p style="text-align: justify"> Anatoly Yakovenko, Solana’s co-founder, has voiced concerns over the memecoin presale mania, cautioning the community about these speculative ventures. Despite his warnings, the meme coin phenomenon on the Solana network continues to gain momentum among enthusiastic investors.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solanas-meme-coin-craze-skyrockets-as-investors-flock-to-novelty-tokens">Solana’s Meme Coin Craze Skyrockets as Investors Flock to Novelty Tokens</a></h5>

Solana’s Meme Coin Craze Skyrockets as Investors Flock to Novelty Tokens

Table of Contents

BH NEWS

Other articles published on Mar 25, 2024

Binance Executive Avoids Nigeria Detention

Bitcoin’s April Halving Sparks Global Mining Shift

Hacker mints 1b CGT tokens worth $40m in Curio ecosystem

Insights on XRP’s Price Movement and Key Levels to Watch

5 BEST Solana Meme Coins To Watch Out For Massive Profits

Bitcoin Falls Under $30,000 as Market Awaits Federal Reserve’s Moves

Join our free newsletter for daily crypto updates!