Memecoin Madness: Rise of ‘Jeo Boden’, ‘Danold Tromp’

While considered risky by serious investors, memecoins offer potential for substantial returns for those willing to take the gamble.

A new trend in degenerate humor among memecoin traders is a subset of Solana-based tokens depicting “poorly drawn” political figures and personalities. 

Following their respective launches, recently-listed memecoins “Jeo Boden” and “Danold Tromp,” which feature intentionally janky artwork, have increased in value by 174,900% and 59,900%, respectively.

A merchant even asserts that substantial profits were generated on these tokens, even though the coins in question lack a public founder, a roadmap, or any practical utility.

A pseudonymous crypto investor known as “Barkery” claims in a March 6 X post that he transformed an initial investment of $260 into $42,000 in two days by purchasing 11.73 million tokens of “Jeo Boden,” bearing the ticker “BODEN.” The tokens are designed to resemble an inadequately rendered version of U.S. President Joe Biden.

Barkery informed their 17,000 followers in a subsequent X post on March 7 that their BODEN holdings had increased in value to $423,000, representing a gain of approximately 165,285%. However, they stated that they had sold about 3 million of the tokens at that time.

According to Birdeye, the market capitalization of the Jeo Boden token increased from $20,000 at its introduction on March 4 to $35 million at the time of publication, a 174,900% increase in just three days.

It would appear that the memecoin was inspired by the “Spooderman” meme format, which gained significance in 2012.

Additional tokens with comparable themes have been introduced, with a significant number of them featuring prominent individuals. For instance, Andrew Tate was “Androo Tete,” while MicroStrategy chairman Michael Saylor portrayed “Mechael Seylor,” and former U.S. President Barak Obama was “Berik Obema.”

Although only a few memecoins of a comparable nature have outperformed BODEN, a number of them have achieved respectable gains.

The market capitalization of the memecoin Danold Tromp (DANOLD) increased from approximately $15,000 on March 6, when it debuted, to $15 million on March 7. Birdeye data indicates that its price has since plummeted, declining by more than 88% from its all-time high.

Navigating Memecoin Volatility: Risks and Rewards

Although serious investors consider memecoins a “stupid” investment, crypto natives favor them for the potential for outsized returns, provided that would-be investors are willing to assume the risk of principal loss. 

According to Evgen Verzun, the director of Kaizen.Finance, although the tokens lack foundational principles, they may serve as a viable means to generate returns on modest initial investments.