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Benzinga – In 2024, Solana saw a significant increase in users, largely due to the launch of several popular memecoins on the platform. These memecoins have helped Solaan recover from the FTX downfall, as the defunct trading platform was one of the largest holders of Solana tokens. The price increased from less than $10 shortly after FTX collapsed to over $200 in 2024, with much of the success attributed to the memecoins of the chain.
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Before memecoins began to receive attention on Solana, most tokens were on ethereum. Tokens such as Floki (FLOKI) and Shiba Inu (SHIB) are listed on the ethereum blockchain. However, in late 2023 and early 2024, numerous new tokens began popping up on the Solana chain, likely due to the ease of creating a new token and the lower transaction costs. This, along with a broader memecoin resurgence, brought significant attention to Solana.
One of the more surprising forms of memecoins to launch has been a set of politically-inspired tokens, both poking fun at presidential candidates Joe Biden and Donald Trump. The tokens, called Jeo Boden (BODEN) and Doland Tremp (TREMP) originated as projects depicting the candidates crudely, with poorly drawn images, Comic Sans font, and purposely misspelled words. Despite the apparent lack of effort in creating the projects, the prices of both have soared.
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mp, in particular, has received positive attention lately. Although it got off to a hot start when it launched in March 2024, going from a small fraction of a cent to over $1, the price retreated to the $0.40 level for much of April. However, in May, the project reached new all-time highs, going above $1.40 and surpassing $100 million in market cap. When the token reached this milestone, Anatoly Yakovenko, the co-founder of Solana, reposted a tweet congratulating the project and added an emoji. On the day of the post, the price of Tremp went from $0.82 to $1.38, marking an increase of nearly 70% in one day.
Additionally, President Donald Trump was asked about the Jeo Boden token, with a supporter saying, “There’s a token that has been released making fun of Joe Biden, and it’s worth $240 million. I don’t know if you are aware of that.”
“That’s a lot of money for a coin. I don’t like that investment,” Trump responded. While the price of BODEN saw increased volatility after the comments, the price did not move much. However, the price of TREMP exploded on the news, going from $0.30 to over $0.90.
The increased popularity of memecoins may not make sense to those outside of the crypto community (or even those within the crypto community), but it is impossible to deny their prevalence. The tokens have amassed hundreds of millions in investment and even received attention from the co-founder of Solana and Trump himself.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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