The crypto market has seen a very obvious surge in interest in Solana-based memecoins featuring "poorly drawn" depictions of celebrities and political figures. Some examples like “Jeo Boden” and “Danold Tromp” have seen massive gains. Memecoins like "Dogwifhat" have also gained popularity among traders, especially after its listing on Binance, which greatly boosted its visibility and market value. Despite their inherent risks and volatility, these tokens draw attention for their massive return potential.
Sketches to Riches
Traders are diving into a new trend focused on Solana-based tokens that feature “poorly drawn” depictions of celebrities and political figures. Among these memecoins, “Jeo Boden” and “Danold Tromp,” which both play on the names and images of well-known people with intentionally crude art, have seen amazing gains of around 174,900% and 59,900% respectively since their launch.
The appeal of these memecoins lies not at all in their utility or the identities of their founders, both of which are absent, but rather in their speculative potential and the humor they bring to the crypto community. A good example is a crypto investor known as “Barkery,” who claimed to have turned $260 into $42,000 in just two days through an investment of 11.73 million tokens of “Jeo Boden” (BODEN), a token themed after a poorly drawn version of U.S. President Joe Biden. Barkery later reported that their holdings surged to $423,000, which is a gain of about 165,285%, though they had sold about 3 million of the tokens by that time.
“Jeo Boden” was launched on Mar. 4 with a market capitalization of around $20,000, which impressively grew to $35 million in just three days. This token, along with others like “Berik Obema,” “Mechael Seylor,” and “Androo Tete,” draws inspiration from the “Spooderman” meme format, that got very popular in 2012, and targets well known people for their themes.
Despite the volatile nature of these investments, which was perfectly demonstrated by “Danold Tromp” (DANOLD) after it saw its market cap soar to $15 million before plummeting by over 88% from its peak, the trend has caught the attention of both speculative traders and those amused by the concept. While some seasoned investors dismiss memecoins as frivolous, others in the crypto community still see them as a risky but potentially lucrative opportunity.
Even Evgen Verzun, the director of Kaizen.Finance, acknowledged that although these tokens lack fundamental value, they offer a chance for huge returns on small initial investments.
From Politics to Profits
Just yesterday, BODEN saw an astonishing surge of more than 4,700% in its value. At press time, the meme was trading hands at $0.03605 after its price was able to climb by another 117% throughout the past 24 hours. Initially, just after its launch, BODEN's price hovered around $0.002.
Similarly, another meme coin named TRUMP, which also references a very well known political figure Donald Trump, has seen a massive increase in its value. Despite neither BODEN nor TRUMP actually being directly linked to the politicians they are named after, these tokens have benefited from the political climate.
Donald Trump, the former U.S. President, received 579,281 TRUMP tokens from the project team. The value of these tokens experienced a sharp rise in January of 2024, with their trading range in November 2023 between $0.01 and $0.08. By the end of February 2024, the TRUMP meme coin portfolio in Trump's wallet was valued at an impressive $4.05 million. At press time, TRUMP was worth about $6.67.
This surge in value for both BODEN and TRUMP tokens is very likely influenced by the fact that it is an election year and the political performances of Biden and Trump on Super Tuesday.
Binance Boosts Dogwifhat
Yet another Solana memecoin it attracting the attention of traders. Among the recent entrants to the very vibrant Solana memecoin market is Dogwifhat (WIF), a meme coin that has rapidly climbed to prominence after its listing on Binance. The inclusion of Dogwifhat on Binance has not only greatly boosted its visibility but also cemented its position as a notable contender in the meme cryptocurrency sector.
The enthusiasm surrounding Dogwifhat just keeps building, with many in the crypto community speculating that its price could soon hit the $3 mark. This optimism is fueled by market trends and the potential catalysts brought about by its Binance listing. In fact, the listing has already spurred a considerable price rally for Dogwifhat. In the past 24 hours of trading, WIF was able to hit a high price of $2.23, according to CoinMarketCap.
It is important to note that Binance's decision to list Dogwifhat comes with a "seed tag," which signals a higher level of volatility and risk associated with the coin. This label is used for projects that, despite their innovative nature, still carry greater uncertainties. To engage in trading tokens marked with the seed tag, Binance requires users to complete quizzes every 90 days and agree to the exchange's Terms of Use.
Originating on the Solana blockchain, Dogwifhat features the whimsical image of a dog wearing a hat, drawing inspiration from the success of earlier meme-based cryptos like Dogecoin (DOGE) and Shiba Inu (SHIB). These predecessors have attracted huge amounts of attention from both investors and the wider crypto community, paving the way for projects like Dogwifhat to flourish.
