Memecoins
Solana Co-Founder Brings Attention to Trump-Themed Memecoin After Surpassing $100M Market Cap
Solana Co-Founder Brings Attention to Trump-Themed Memecoin After Surpassing $100M Market Cap
In 2024, Solana saw a significant increase in users, largely due to the launch of several popular memecoins on the platform. These memecoins helped Solana recover from the fall of FTX, as the defunct trading platform was one of the largest holders of Solana tokens. The price rose from under $10 shortly after FTX’s collapse to over $200 in 2024, with much of the success attributed to the chain’s memecoins.
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Before memecoins started gaining attention on Solana, most of the tokens were on Ethereum. Tokens such as Floki (FLOKI) and Shiba Inu (SHIB) are listed on the Ethereum blockchain. However, in late 2023 and early 2024, many new tokens began to appear on the Solana chain, likely due to the ease of creating a new token and lower transaction costs. This, along with a broader memecoin resurgence, has brought significant attention to Solana.
One of the most surprising forms of memecoins to launch was a set of politically inspired tokens, both mocking presidential candidates Joe Biden and Donald Trump. The tokens, called Jeo Boden (BODEN) and Doland Tremp (TREMP) were born from projects depicting the candidates in a crude manner, with poorly drawn images, Comic Sans font and deliberately misspelled words. Despite the apparent lack of effort in creating the projects, prices for both have skyrocketed.
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Tremp, in particular, has received positive attention as of late. Although it got off to a roaring start when it launched in March 2024, rising from a small fraction of a cent to over $1, the price retreated to the $0.40 level for much of the month. april. However, in May, the project reached new all-time highs, surpassing $1.40 and surpassing $100 million in market capitalization. When the token reached this milestone, Anatoly Yakovenko, co-founder of Solana, reposted a tweet congratulating the project and added an emoji. On the day of publication, the price of Tremp increased from $0.82 to $1.38, an increase of almost 70% in one day.
Additionally, President Donald Trump was asked about the Jeo Boden token, with one supporter saying, “There’s a token that was released to mock Joe Biden, and it’s worth $240 million.” I don’t know if you are aware of this. “
“That’s a lot of money for one piece. I don’t like that investment,” Trump responded. Although BODEN price saw increased volatility following the comments, the price did not move much. However, the price of TREMP exploded on the news, going from $0.30 to over $0.90.
The story continues
The growing popularity of memecoins may not make sense to those outside of the crypto community (or even those who are), but it’s impossible to deny their prevalence. The tokens have racked up hundreds of millions in investments and even caught the attention of Solana’s co-founder and Trump himself.
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