A meme coin spoofing U.S. President Joe Biden, named Jeo Boden (BODEN), has experienced a remarkable surge of over 70% in its value today, catapulting its market capitalization to a staggering $324 million.
BODEN, characterized by its satirical take on Biden’s public image and political stances, operates within the Solana blockchain ecosystem.
Its website showcases caricatures of the U.S. president alongside the abundant use of the Comic Sans font, coupled with a plethora of memes.
Notably, it also boasts a counterpart inspired by former President Donald Trump, known as Doland Tremp (TREMP).
Since its inception nearly a month ago, BODEN has witnessed an astronomical surge of nearly 2,000%, fueled predominantly by the hype surrounding the forthcoming U.S. Presidential election and the burgeoning popularity of meme coins across various social media platforms.
Much akin to its TREMP counterpart, BODEN consistently experiences rallies in tandem with significant developments in the U.S. political landscape.
Today’s surge is largely attributed to reports indicating Donald Trump’s lead over Joe Biden in six states, as revealed by the latest polls.
It is noteworthy that Biden had previously secured victories in the majority of swing states during the 2020 election cycle.
In response to this development, the TREMP meme coin also recorded a notable gain of over 23% today.
Market observers speculate that enthusiasts of meme coins are likely to continue wagering on these ‘imitation’ tokens leading up to the U.S. election in November.
As BODEN surges, it is the top performer in the meme coin market, contrasting with the ongoing liquidation observed in other prominent tokens within the space.