As Bitcoin (BTC) has increased significantly in value, it has had a noticeable impact on the entire crypto market. Meme coins in particular are experiencing notable increases in value. The American presidential elections are taking place at the same time, which adds an extra dimension. Meme projects that specifically respond to these elections are registering even greater increases in value.
Explosive growth of the Boden token
The Boden (BODEN) token, which is inspired by current President Joe Biden, has seen a notable rise in the crypto market. This meme coin, based on the Solana (SOL) blockchain, saw an explosive increase of 2,400% in value within a period of just 24 hours. At the peak of this surge, it reached a trading volume of $24 million, as reported by the dexscan on CoinMarketCap.
At one point, the digital coin even registered a 5,000% increase, significantly ahead of better-known meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
On the other hand, we have the Trump (TRUMP) token, which in the crypto world represents former President Donald Trump. Recently, the value of the TRUMP token dropped to $8.08, but this value is still significantly higher than last year’s closing price. The increase in value in January 2024 is attributed to political successes of both Biden and Trump during the Super Tuesday events.
Memecoin investor makes millions
Investors can make a lot of profit with memecoins, as recently became apparent. A smart investor made a huge profit of $1.58 million by investing well in Shiba Inu (SHIB).
In March 2021, this investor exchanged just 1.33 Ethereum (ETH) for approximately 49.8 billion SHIB tokens, when they were still worth almost nothing. After the value of SHIB increased by more than 500%, the investor bought even more SHIB tokens with 0.16 ETH in April.
Ultimately, the investor sold 40.5 billion of his Shiba Inu tokens, making a profit of $1.58 million.
Conclusion
Memecoins are extremely popular right now, and smart investors can make a lot of money with them, as recent successes prove. However, it is important to remember that these coins are highly volatile. While the profits can be impressive, there is also a significant risk that their value could drop quickly and sharply. So investors should be careful and be aware of the possible risks.
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Source: https://newsbit.nl/deze-cryptomunt-schiet-in-3-dagen-tijd-met-5000-procent-omhoog/
