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Hunter Biden Guilty Pumps BODEN – Is Money Being Made on Memecoin Mania?

Last Updated June 12, 2024 2:12 PM
James Morales
Last Updated June 12, 2024 2:12 PM

Key Takeaways

  • Since Hunter Biden was found guilty on federal gun charges, Jeo Boden has pumped around 14%.
  • BODEN is the largest of a group of parody meme coins that reference political figures.
  • With a market capitalization of $137 million, BODEN has made meme coin millionaires.

In the hour after Hunter Biden was convicted on three charges of federal firearms violations, Jeo Boden (BODEN) surged by 9% and is currently up more than 14% since the news broke. The pump is the opposite of what happened following Trump’s guilty verdict when most meme coins associated with the Republican presidential candidate crashed. 

Of course, meme coins following the ups and downs of the news cycle is hardly new. But with American election drama running so high, the current trend for political parody coins has taken the phenomenon to a whole new level.

Meme Coin Traders Follow the Politics

With names like Doland Tremp  and Alickshundra Occasional-Cortex, political parody coins have extremely low liquidity, creating the perfect conditions for the market volatility that meme coin traders thrive off. 

In fact, in a world where double-digit daily price swings are common, volatility is pretty much the only certainty. And as the case of BODEN demonstrates, any news – good or bad – is enough to kick the market into action.

From less than $0.004 on Tuesday, June 4, Mechelle Obema exploded by 750% in 2 days, climbing to a peak of $0.03 by Thursday.

But parody coins can fall back down just as quickly. In the past 7 days, Alickshundra Occasional-Cortex is down 58% and Nuncy Peloosi by around 68%. 

But for seasoned meme coin traders, the chance to go 1000x is worth the risk of getting burned.

Traders Make a Fortune Flipping Parody Coins

Given their turbulent price action, a few lucky investors have made a fortune off parody coins.

Back in March, a Solana meme coin trader known as paul.sol  bought millions of BODEN shortly after it was launched when the token was trading at less than $0.05.

A few weeks later, they flipped the majority of their tokens, generating over $7 million in profits when Jeo Boden climbed to a peak of nearly a dollar. 

Biden-themed tokens appear to be a favorite of the meme coin trader, who has also bought and sold significant amounts of Hunter Biden’s laptop and currently holds nearly 6 billion Boe Jiden.

They also hold several other meme coins referencing political figures, including Pepe Trump and MILEI.

Where to Buy Parody Meme Coins?

The most popular exchange to trade Jeo Boden is Backpack Exchange, where the most active trading pair is BODEN/USDC.

However, BODEN and TREMP are anomalies.

Because most parody coins are minted as SPL tokens and don’t have a large enough market capitalization to warrant a centralized exchange listing, trading volume is concentrated on the Solana-based decentralized exchanges like Raydium and Jupiter.

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