The notion that any attention is good attention may no longer apply to meme coins. Previously, even a mention by a prominent politician could cause similar coins to soar in value. However, the recent price movement of the "Jeo Boden" (BODEN) meme coin indicates a shift in investor sentiment.

On May 8, 2024, BODEN experienced a quick surge in value after former President Donald Trump humorously mentioned the "Jeo Boden" meme coin during an NFT event in Florida. Despite an initial 25% increase, the coin soon settled at around 16% above its pre-comment levels, as per CoinGecko. Upon learning that BODEN had reached a market capitalization of $240 million, Trump remarked:

"That's a lot of money for a coin, I don't like that investment."

This comment follows significant gains for meme coins representing both Trump and President Joe Biden.

Analysts Question BODEN’s Long-Term Potential

Financial experts often criticize meme coins, which are cryptocurrencies inspired by internet memes, for lacking practical use and relying heavily on social media trends for value. The recent price fluctuations of BODEN support this criticism.

"Memecoins are a speculative gamble, not a long-term investment," says Michael Harris, a cryptocurrency analyst at Fairhaven Wealth Management. "Their value hinges entirely on social media buzz, and a single negative comment can trigger a rapid decline."

Similar concerns are evident on Polymarket, a platform where users bet on cryptocurrency outcomes. Although there was some excitement over Trump potentially mentioning BODEN, the market showed little movement, raising doubts about the long-term viability of this meme-inspired coin.

Rise of Solana-Based Meme Coins

Meme coins, which draw inspiration from internet jokes and cultural moments, often see their value fluctuate based on hype. The Solana blockchain, known for its speed and low transaction fees, has become a hotspot for meme coin activity.

Blockchain analytics platform DexScreener reports that last month, Solana-based meme coins featuring caricatures of President Biden ("Jeo Boden") and former President Trump ("Doland Tremp") saw significant growth. At their peak, "Jeo Boden" had a market capitalization of $473 million, while "Doland Tremp" reached $83 million.

This trend mirrors a broader rise in Solana meme coins. According to CoinGecko, the combined market capitalization of SOL-based meme coins was a staggering $7.07 billion as of May 9, 2024.