Memecoins
Donald Trump Expresses Opinions on “Jeo Boden” Memecoin, TREMP Rises 160% in 24 Hours
May 9, 2024 3:00 pm | 3 minute read |
In March, two memecoins from the Solana chain were launched to make fun of the presidential candidates in the upcoming elections. The tokens, which feature crudely drawn images of candidates, have exploded in popularity since launch. It’s called the Joe Biden themed token Jeo Boden (BODEN)while the Trump-themed token is called Doland Tremp (TREMP).
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The tokens have seen gains in the hundreds of thousands of percentage points, going from a small fraction of a cent to nearly $1. These gains were further strengthened when former President Donald Trump directly recognized memecoins.
Trump met with supporters at a NFT event at Mar-a-Lago, where those who purchased more than 47 of the NFTs at $99 each were able to meet the former president directly. One of the supporters asked Trump about BODEN, saying “there’s a token that was released mocking Joe Bidem, and it’s worth $240 million. I don’t know if you’re aware of that.”
Trump responded by saying, “that’s a lot of money for a coin. I don’t like that investment.”
The price of both tokens became much more volatile shortly after the audio published on X. The price of BODEN jumped from $0.35 to almost $0.45 within an hour. However, the price has since dropped to around $0.35.
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TREMP price, however, recorded huge gains after the post was published. Moments before the post, TREMP was trading for less than $0.30, but immediately gained over 100%, trading as high as $0.61 within an hour. Overnight, the price continued to rise, reaching a high of $0.91. This marked total gains of more than 200% in seven hours.
This inevitably led to many investors taking profits, and TREMP’s price returned to around $0.75. However, it is still up more than 170% in the last 24 hours. However, TREMP’s market capitalization is still smaller than that of BODEN. TREMP is worth around $70 million, while BODEN is still worth $240 million.
One user commented on the post saying, “this is real life,” to which the official “wallstreetbets” account responded, “this is real life.” In total, the post received over 550,000 views in less than 24 hours.
Additionally, some believe the wording of the question made it seem like each token was worth $240 million, rather than the entire project. If this is how Trump interpreted the question, it may have influenced his response. Regardless, the comments brought a lot of attention to the tokens.
Trump’s comments are extremely surprising and not something many expected. The projects have mostly been popular with those within the crypto community and have not made much noise outside of it. However, Trump’s comment could attract even more attention from those outside of cryptocurrencies.
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