“Jeo Boden” a Solana-based meme coin parodying President Joe Biden, recorded a new all-time at a market capitalization of $379 million, surging more than 50% on the day.
What Happened: The price surge prompted cryptocurrency trader @housetechnolove to draw parallels between the market performance of Truth Social and the Boden meme coin in a Tuesday X (formerly Twitter) post.
The trader pointed out that despite Truth Social’s market cap of $6.8 billion and a revenue of $4 million in 2023, the stock trades at a revenue multiple of 1700x.
He noted that the performance of Truth Social’s stock is not tied to its financials, but rather to the strong support for Donald Trump among his followers.
This compares to the Boden meme coin, which has gained popularity due to its virality and the strong community around it. However, it is not pro-Biden but rather a caricature of the president.
Both Truth Social and the Boden meme coin represent the enormous frustration people have with the current political regime, according to the trader, who concludes: “higher.”
