Home Memecoin BODEN surges despite Trump’s lack of enthusiasm

Memecoin BODEN surges despite Trump’s lack of enthusiasm

Jeo Boden (BODEN) — a memecoin inspired by a misspelling of U.S. President Joe Biden’s name — experienced a significant surge in value after former President Donald Trump’s unenthusiastic response to a fan’s question about the cryptocurrency.

The incident took place during the Trump Cards NFT Gala at Mar-a-Lago resort in Palm Beach, Florida, where Trump was hosting holders of his digital collectibles. According to a recent Coindesk report, when asked about BODEN, which had a reported market capitalization of $240 million, Trump simply stated:

I don’t like that investment.

Despite the less-than-stellar endorsement, BODEN’s value skyrocketed by as much as 25% following Trump’s comment. This event showcases the power of publicity, even in its most lackluster form, when it comes to memecoins and other speculative investments in the cryptocurrency market. Still, as of press time BODEN fell back down to $0.3208 with a market cap of $221 million according to CoinMarketCap data.

Trump’s Stance on Crypto Donations

During the impromptu Q&A session, Trump was also asked about whether his presidential campaign would be accepting cryptocurrency donations. Although his campaign is not currently accepting digital asset donations, the presidential candidate reassured the audience that he would make sure it becomes an option in the future.

On Polymarket, a crypto-based prediction market platform, the contract “Will Trump mention $BODEN before July?” remained relatively unchanged following the event. The contract defines a “mention” as either a verbal or written usage of the word “boden” specifically in reference to the cryptocurrency. Trump’s brief comment did not meet the criteria, and predicted odds of him mentioning BODEN by July 1 remain low at just 4%.

Crypto as a topic is becoming less and less rare in the discussions surrounding the presidential candidates. Earlier this week ReadWrite reported that pro-crypto independent U.S. presidential candidate Robert F. Kennedy Jr. is set to speak at the upcoming Consensus 2024 crypto conference in Austin, Texas.

Current United States President Joe Biden also recently caused an outcry from the crypto industry with a recently proposed 30% tax on crypto mining power and faced criticism for potentially harming the industry and erasing investor wealth.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.