One memecoin investor says an initial investment of $260 ballooned into $423,000 in just three days by purchasing a token called Jeo Boden, a humorous depiction of U.S. President Joe Biden.
Memecoin traders are flocking to a new fad in degen tomfoolery — a breed of Solana-based tokens based on “poorly drawn” celebrities and political figures.
Newly-listed memecoins such as “Jeo Boden” and “Danold Tromp” — with intentionally janky art to match — have gained 174,900% and 59,900%, respectively, after their launch.
One trader even claims to have made some serious returns on these tokens despite the coins themselves having no public founder, no roadmap and offering nothing in the way of utility.
