A casual remark by former President Donald Trump about a memecoin mocking his political rival Joe Biden sent shockwaves through the crypto markets on Wednesday.
The memecoin in question, Jeo Boden (BODEN), a misspelled reference to the current U.S. President, skyrocketed by as much as 25% after Trump dismissed it as an unwise investment during an impromptu Q&A session at his Trump Cards NFT Gala.
“I don’t like that investment,” Trump quipped when an attendee mentioned BODEN’s $240 million market cap, proving the adage “any publicity is good publicity” rings true, even for memecoins.
After peaking at $0.42, BODEN’s price fluctuated, settling around $0.40 at press time, still up roughly 15% from pre-Trump comment levels.
Trump Open to Crypto Donations
While Trump’s presidential campaign currently doesn’t accept cryptocurrency donations, he signaled his intent to change that policy. When asked if crypto donations would be allowed, Trump responded, “If you can’t, I’ll make sure you can.”
This stance marks a shift from Trump’s previous skepticism towards cryptocurrencies like Bitcoin, which he once labeled a “scam” due to its competition with the U.S. dollar.
Memecoin Mania
Trump’s offhand remark also impacted trading on Polymarket, a crypto prediction market platform. The contract “Will Trump mention $boden before July?” remained largely unchanged, with “yes” shares trading at around $0.05, indicating a 5% probability of Trump uttering the word “Boden” by July 1st.
Meanwhile, the Trump-inspired memecoin MAGA (TRUMP) surged by over 60%, briefly crossing $7 amid the memecoin frenzy sparked by Trump’s comments.
As the 2024 presidential race heats up, the crypto world appears poised for further memecoin madness, with candidates’ remarks potentially moving markets in unexpected ways.
