‘Poorly Drawn’ Celebrity Memecoins Attract Traders Engaged in Risky Speculation

Crypto News– A recent trend has emerged within the memecoin trading community, where investors are showing great interest in a peculiar category of tokens based on poorly drawn renditions of celebrities and political figures, all on the Solana blockchain. These tokens, exemplified by the likes of “Jeo Boden” and “Danold Tromp,” have seen astronomical gains of 174,900% and 59,900%, respectively, since their launch.

‘Poorly Drawn’ Celebrity Memecoins Attract Traders Engaged in Risky Speculation

Despite lacking a public founder, a roadmap, or any tangible utility, these memecoins have attracted significant attention from traders. One individual, going by the pseudonym “Barkery,” claims to have transformed a modest investment of $260 into a staggering $42,000 within just two days by acquiring 11.73 million tokens of “Jeo Boden” (trading under the ticker “BODEN”), which humorously caricatures United States President Joe Biden. In a subsequent update shared on March 7 with their 17,000 followers, Barkery revealed that their BODEN holdings had surged to a value of $423,000, representing a remarkable gain of approximately 165,285%. However, Barkery also disclosed that they had sold around 3 million tokens by that point.

The “Jeo Boden” token, launched on March 4 with a modest market capitalization of $20,000, has rapidly ascended to a staggering $35 million as of the latest data, marking an extraordinary surge of 174,900% in just three days, according to Birdeye. This memecoin draws inspiration from the “Spooderman” meme, which gained popularity back in 2012.

Several other tokens with similar themes have also been introduced, portraying notable personalities such as former U.S. President Barack Obama as “Berik Obema,” MicroStrategy chairman Michael Saylor as “Mechael Seylor,” and Andrew Tate as “Androo Tete.”