Memecoin “Jeo Boden” has taken the cryptocurrency world by storm, riding on a summer comment by former US President Donald Trump. The capricious cryptocurrency, the joking misspelling of President Joe Biden’s last name increased significantly after Trump mentioned it during an NFT event in Florida.
What was once an entertainment item has now become a solemn investment, as Boden surged 20% following Trump’s offhand remark.
Trump rally or fleeting madness? Analysts are divided
The cryptocurrency community is divided on the impact of Trump’s mention of Boden. Some analysts, such as Samantha Wilkins, believe that any mention of a prominent figure like Trump is positive for memecoin. They argue that Boden has proven to be a persistent and astute investor, and that excitement around the investment has only increased as a result of Trump’s attention.
Trump continues speaking $BODEN at the NFT event
“That’s a lot of money for a coin, I don’t like this investment.”
Audio Source: @realDannyNelson pic.twitter.com/8NcpuCc6ZI
— db (@tier10k) May 9, 2024
Some experts, however, remain skeptical. They caution that Boden’s value is based on hype, not utility, making it vulnerable to rapid market changes. A single negative tweet from Trump or a shift in market sentiment could send Boden crashing down as quickly as it rose.
Is Trump Boden back on the market?
Adding another layer of intrigue to the Boden saga, forecasting platform Polymarket has created a speculative contract on the subject the likelihood that Trump will mention memecoin again before July. Shares of the Yes contract are currently trading at $0.05, indicating an 11% chance that Trump will utter the word “Boden” in the coming months.
Source: Polymarket
This unique situation presents an unusual scenario in which the value of memecoin depends on the whims of the former president. If Trump revisits Boden in a future speech or tweet, it could trigger another price spike.
But if he stays noiseless, the current buzz around Boden may fade away and investors will cling to the depreciating digital punchline.
Jeo Boden is currently trading at $0.2799. Chart: TradingView
Boden: Speculative gambling
The rise of Boden is a warning to memecoin enthusiasts. While these tokens can offer explosive returns, their value is often tied to fleeting trends and external factors beyond their control. Given that the enigmatic Trump wields ambiguous influence, Boden’s future remains uncertain.
Investors are eagerly awaiting the next chapter in this bizarre cryptocurrency story as the Boden saga unfolds. It is a game based on speculation, in which the value of the coin teeters on the edge of uncertainty. The Boden phenomenon highlights the unpredictable nature of memecoins and the risks associated with investing in such a volatile asset.
Featured image from Reddit, chart from TradingView
