Jeo Boden (CRYPTO: BODEN), a Solana-based meme coin parodying President Joe Biden, clocked a new all-time high on Monday, pushing temporarily past the $1 mark on a more than 21% surge.
What Happened: Currently trading around 0.88 cents, the meme coin was up 26.2% at the time of publication and spiked as high as $1.08 today per DexScreener data. Jeo Boden thus crossed the $700 million market capitalization mark before dipping to the $600 million mark.
Solana (CRYPTO: SOL) influencer Ansem was bullish on BODEN, saying "everybody makes fun of Biden because he is slow." He expected the meme coin to attract attention from supporters of both political parties and can see former President Donald Trump mentioning the meme coin.
Another pseudonymous commentator echoed that sentiment, expecting the former president, who had become crypto-curious to become aware of the coin:
imagine when trump starts saying boden lol – hes into crypto so he will be aware of it
— confugen (@confugen) April 4, 2024
The meme coin maintained its lead over its political meme coin rival MAGA Memecoin (CRYPTO: TRUMP), which, despite a surge of its own, traded only at a $300 million valuation at the time of writing.
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Why It Matters: The new surge prompted social media commentators to call for significantly more upside.
One commentator remarked Jeo Boden was the only meme coin with the possibility of flipping dogwifhat (CRYPTO: WIF), the other popular Solana meme coin. However, for that to happen, Jeo Boden would need to increase its market cap more than sixfold without dogwifhat appreciating in value.
Another pseudonymous commentator claimed to have a friend that "bought Shiba Inu (CRYPTO: SHIB) at launch" who predicts a $50 billion market capitalization for Jeo Boden.
It is worth noting that despite its significant market rally, Jeo Boden would need to increase its market capitalization by a factor of 25 to surpass Shiba Inu's current market capitalization.
With the presidential election still seven months away, the consensus among social media traders is that Jeo Boden still has a lot more room to appreciate in value.
What's Next: The impact of meme coins in cryptocurrency investments is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.