Memecoins
Memecoin BODEN jumps despite Trump’s lack of enthusiasm
Jeo Boden (BODEN) – a memecoin inspired by a misspelling of US President Joe Biden’s name – saw a significant rise in value after former President Donald Trump’s less-than-enthusiastic response to a question from a fan on cryptocurrency.
The incident occurred during the NFT Trump Cards Gala at Mar-a-Lago Resort in Palm Beach, Florida, where Trump housed holders of his digital collectibles. According to a recent report from CoindeskWhen asked about BODEN, which had a market capitalization of $240 million, Trump simply said:
I don’t like this investment.
Despite the lackluster endorsement, BODEN’s value soared as much as 25% following Trump’s comment. This event demonstrates the power of advertising, even in its dullest form, when it comes to memecoins and other speculative investments in the cryptocurrency market. Yet, at press time, BODEN has fallen back to $0.3208 with a market cap of $221 million. according to CoinMarketCap data.
Trump’s stance on cryptocurrency donations
During the impromptu question-and-answer session, Trump was also asked if his presidential campaign would accept cryptocurrency donations. Although his campaign is not currently accepting digital asset donations, the presidential candidate reassured the audience that he would ensure this becomes an option in the future.
On Polymarket, a crypto-based prediction market platform, the contract “Will Trump mention $BODEN before July” remained relatively unchanged after the event. The contract defines a “mention” as a verbal or written use of the word “boden” specifically in reference to cryptocurrency. Trump’s brief comment did not meet the criteria, and the chances of him mentioning BODEN between now and July 1 remain low, at just 4%.
The crypto subject is becoming less and less rare in discussions around presidential candidates. Earlier this week, ReadWrite reported that pro-crypto independent U.S. presidential candidate Robert F. Kennedy Jr. was preparing to speak at the upcoming Consensus 2024 crypto conference in Austin, Texas.
The current President of the United States, Joe Biden, also recently caused an uproar from the crypto industry with a recently proposed a 30% tax on cryptocurrency mining power and has been criticized for potentially harming the industry and wiping out investor wealth.