The crypto community witnessed the meteoric rise of “Jeo Boden,” a meme coin, which delivered an unparalleled 1000x return to its early investors. The price action happened within one week of the token’s launch.

This crypto, drawing its name from a humorous misinterpretation of US President Joe Biden, has set the stage for a new trend within the crypto sphere.

“Jeo Boden” skyrocketed with impressive gains within a week, pushing its market cap above the $26 million mark. Consequently, this success story has sparked the creation of various derivative projects on the Solana blockchain. These newcomers are keen to replicate “Boden’s” triumph, leveraging the combined power of humor and speculation that defines the meme coin sector.

“If Jeo Boden keeps this up, I am voting for the actual Biden in November,” Venture Capitalist Nic Carter remarked

Interestingly, the surge in meme coin popularity emphasizes the significant role of the “attention economy.” Andrew Kang, co-founder of Mechanism Capital, highlighted this by highlighting their strategic investment in Donald Trump-themed meme coins. Kang pointed out that Trump’s constant media visibility enhances the value of related meme coins, illustrating how public attention can drive cryptocurrency value.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Moreover, the political arena has shown an unexpected interest in these digital assets. Donald Trump holds MAGA TRUMP meme coins, now representing a substantial portion of his public crypto portfolio. This move underscores the growing intersection between politics, public figures, and the volatile crypto sector.

As the US elections approach, the focus on Trump-themed meme coins has grown sharper. Crypto Twitter, a key player in shaping investor sentiment, buzzes with discussions. Some users speculate that meme coins like “BODEN” and “TREMP” could be unconventional methods to bet on the election’s outcome.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

However, the volatile nature of meme coins comes with its own risks. There are possibilities of rug pulls, where creators dump the token and exit the project.

Despite these risks, the allure of significant returns continues to attract a broad audience of crypto traders.

The post Why This Meme Coin Gave 1000x Returns Within a Week appeared first on BeInCrypto.

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