A new trend in the world of memecoins on the Solana blockchain involves the creation of tokens featuring “poorly drawn” depictions of celebrities and political figures, attracting traders seeking unconventional investments.
Tokens like “Jeo Boden” and “Danold Tromp” have experienced astronomical growth rates of 174,900% and 59,900%, respectively, shortly after their launch, characterized by intentionally crude artwork matching their comedic appeal.
Despite lacking public founders, roadmaps, or utility, traders have reported significant profits from investing in these memecoins. One trader, under the pseudonym “Barkery,” turned a $260 investment into $42,000 in just two days by acquiring 11.73 million tokens of “Jeo Boden” (ticker: BODEN).
“Jeo Boden” debuted with a market capitalization of $20,000, rapidly escalating to $35 million within three days, drawing inspiration from the “Spooderman” meme format popularized in 2012.
Numerous memecoins featuring caricatures of well-known personalities, such as “Berik Obema” (Barack Obama) and “Mechael Seylor” (Michael Saylor), have emerged. While not all have experienced the same level of success as BODEN, many have recorded substantial gains.
“DANOLD Tromp” saw a surge from a $15,000 market capitalization upon launch to a peak of $15 million, followed by a steep decline of over 88% from its all-time high, indicating the volatile nature of these tokens.
While traditional investors dismiss memecoins as “stupid” investments lacking fundamentals, crypto enthusiasts view them as vehicles for potentially high returns, albeit with considerable risk. Evgen Verzun of Kaizen.Finance notes that despite their lack of substance, memecoins offer opportunities for lucrative returns on small investments.
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