The craze for Solana memecoins continues as a parody token of President Joe Biden, called Boden, has surged to a $250 million market cap since its launch on March 9. Within the last 24 hours as of March 25, Boden (BODEN) saw a 54% increase in value, reflecting the ongoing hype surrounding Solana memecoins.
Exclusively available on the Solana decentralized exchange Raydium, Boden has yet to be listed on centralized platforms. Developers humorously described Boden as “the 46th pres of soluna” on the token’s official website, emphasizing its satirical nature. Despite cautions from developers, the enthusiasm for Solana memecoins remains strong, with over $122.5 million raised from 27 presales this year alone.
According to Gryphsis Academy, a Singaporean crypto education firm, memecoins like Boden quickly capture attention through viral social media sharing. This rapid dissemination, coupled with a sense of scarcity and urgency, compels investors to act swiftly, fearing they may miss out on fleeting opportunities.
However, Anatoly Yakovenko, co-founder of Solana, cautioned investors to “stop doing this” amid the ongoing Solana memecoin presale frenzy on March 19. With more than 19,000 new Solana tokens launched in the past week alone, experts warn of the increased risk of rug pulls compared to the likelihood of significant gains.
