Investors are diving into a new craze of “degen tomfoolery” with a wave of Solana-based tokens inspired by “poorly drawn” celebrities and political figures. Newly-listed memecoins like “Jeo Boden” and “Danold Tromp” have seen astronomical gains of 174,900% and 59,900%, respectively, following their launch.
One trader claims to have turned a $260 investment into $423,000 in just three days by purchasing “Jeo Boden” tokens, a humorous take on U.S. President Joe Biden.
In a post on March 6, a crypto investor known as “Barkery” detailed turning their initial investment into $42,000 in two days with “Jeo Boden” tokens, and later saw their holdings soar to $423,000.
The “Jeo Boden” token, inspired by the “Spooderman” meme format, launched with a market capitalization of $20,000 and quickly ballooned to $35 million in three days. Other tokens, such as “Danold Tromp,” also experienced significant surges in value shortly after launch, although some have seen sharp declines in price since reaching their peak.
While many view memecoins as speculative and risky investments, some investors see them as opportunities for substantial returns on small initial investments. Evgen Verzun, director of Kaizen.Finance, acknowledges the lack of underlying fundamentals in these tokens but suggests they can offer lucrative returns for those willing to take the risk.
In summary, the surge in popularity of “poorly drawn” celebrity memecoins underscores investors’ appetite for high-risk, high-reward opportunities in the crypto market.
