Memecoin traders have noticed a new trend in degen jockeying - varieties of the solana base token featuring "badly drawn" celebrities and politicians.
New memecoins with deliberately garish pictures, such as "Geo Boden" and "Danold Tromp," have risen in price by 174,900% and 59,900% since launch.
One trader even claimed to have made a fortune on these tokens - despite the fact that the coins themselves have no public founder or roadmap and are worthless.
In a March 6 post X, a pseudonymous crypto investor nicknamed "Barkery" claims to have turned his initial $260 into $42,000 in two days by buying 11.73 million "Jeo Boden" tokens with the ticker "BODEN.
In a follow-up X post on March 7, Barkery told 17,000 subscribers that their Boden shares were now worth a total of $423,000, which is about 165,285%, and they had sold about 3 million tokens to that point.
Boden tokens were launched on March 4 with a market value of $20,000, but according to Birdeye, by the time of publication they had grown to $35 million, which is 174,900% in just three days.
Memecoin appears to have been inspired by a #meme format known as "spudman" that became popular in 2012.
Other similar tokens have been issued, many featuring celebrities such as former U. S. President Barack Obama as "Bellick Obama," #MicroStrategy Chairman Michael Saylor as "Mechael Saylor," and Andrew Tate as "Andrew Tate.
Few other similar memecoins have had as much success as Boden, but some have experienced significant growth.
A memecoin called Danold Tromp (DANOLD) soared from a market capitalization of about $15,000 when it launched on March 6 to a peak of $15 million on March 7. Since then, its price has collapsed, falling more than 88% from its all-time high.
While more serious investors consider Mimcoin a fundamentally "stupid" investment, #cryptocurrency natives favor it as a way to generate potentially large returns if potential investors aren't concerned about the risk of losing their principal.
Eugene Verzun, director of Kaizen.
Read us at: Compass Investments