Memecoins
Memecoin BODEN Grows Despite Trump’s Lack of Enthusiasm
Jeo Boden (BODEN) — a memecoin inspired by a misspelling of U.S. President Joe Biden’s name — has seen a significant surge in value after former President Donald Trump’s less-than-enthusiastic response to a fan’s question about the cryptocurrency.
The accident occurred during Trump Cards NFT Gala at Mar-a-Lago resort in Palm Beach, Florida, where Trump hosted owners of his digital collectibles. According to a recent Coindesk reportWhen asked about BODEN, which had a reported market capitalization of $240 million, Trump simply stated:
I don’t like that investment.
Despite the less-than-stellar approval, BODEN’s value skyrocketed as much as 25% following Trump’s comment. This event showcases the power of hype, even at its most lackluster, when it comes to memecoins and other speculative investments in the cryptocurrency market. However, as of this writing, BODEN has fallen to $0.3208 with a market capitalization of $221 million. according to CoinMarketCap data.
Trump’s stance on cryptocurrency donations
During the impromptu question-and-answer session, Trump was also asked whether his presidential campaign would accept cryptocurrency donations. While his campaign does not currently accept donations of digital assets, the presidential candidate reassured the public that he would make sure it becomes an option in the future.
On Polymarket, a cryptocurrency-based prediction market platform, the contract “Trump will mention $BODEN before July?” it remained relatively unchanged after the event. The Agreement defines a “mention” as a verbal or written use of the word “boden” specifically in reference to cryptocurrency. Trump’s brief comment did not meet the criteria, and the predicted odds of him mentioning BODEN by July 1 remain low, at just 4%.
The topic of crypto is becoming less and less rare in presidential candidate discussions. ReadWrite reported earlier this week that independent, pro-crypto US presidential candidate Robert F. Kennedy Jr. will speak at the upcoming Consensus 2024 crypto conference in Austin, Texas.
Current US President Joe Biden also recently sparked protests in the cryptocurrency industry with a recently proposed a 30% tax on cryptocurrency mining power and has faced criticism for potentially damaging the industry and wiping out investor wealth.