BODEN, Joe Biden Inspired Meme Coin, Soars 830% In A Day

BODEN is a meme coin inspired by Joe Biden. (Doc. Boden)

JAKARTA - The meme coin, a crypto asset created from the meme phenomenon on the internet, is back in the spotlight on the crypto market. One of the meme coins that stole the show was BODEN, which took the name of US President Joe Biden. BODEN managed to record a fantastic price increase, reaching 830% in six hours and 2431% in 24 hours.

BODEN is a meme coin running on the Solana blockchain network, known as a fast and cheap platform. BODEN launched in July 2022 and recently gained popularity among the crypto community. Quoted from CoinMarketCap, BODEN traded around $0.018 (Rp282) on Thursday, and had a trading volume of $24 million (Rp376 billion) a day.

BODEN is one example of the trend of meme coins inspired by public figures, such as politicians, celebrities, or fictitious figures. These coins usually have no intrinsic or utility value, but rely on popularity and market demand. Investors interested in meme coins should be careful because these coins are highly volatile and at high risk.

One of the factors driving the increase in BODEN is the success of another Solana-based meme coin, Pepe (PEPE). Pepe is a meme coin associated with the character of a frog popular on the internet. Pepe jumped 190% in a short time and reached a market cap of $1 billion (IDR 15.7 trillion) last week, according to Coinspeaker.

BODEN also managed to beat Dogecoin (DOGE), the first and most famous meme coin in the crypto world. Dogecoin was created in 2013 as a joke that combines Shiba Inu's dog image with the term doge. Dogecoin had reached an all-time high of $0.74 (Rp11,600) in May 2021, driven by support from figures like Elon Musk and Mark Cuban. However, currently Dogecoin is only trading around $0.05 (Rp785).

Apart from BODEN and Pepe, there are also other meme coins that are trying to attract the attention of investors, such as dogwifhat (WIF), BONK, and tokens related to names such as Elon Musk, Kanye West, and Donald Trump. However, it is not yet known whether these coins will last long or only a temporary phenomenon.

Meanwhile, the crypto market is in general on the rise, led by Bitcoin (BTC) and Ethereum (ETH). Bitcoin, the world's largest cryptocurrency, set a new record of $69,300 (Rp1.08 billion) on Wednesday, after experiencing a sharp decline of up to $60,000. (Rp940 million) the previous day. Ethereum, the second largest cryptocurrency, is also in a positive trend, trading around $3,900 (Rp61 million) and has the potential to reach an earlier high of $4,700 (Rp73.6 million) achieved in November 2021.