‘Jeo Boden,’ a Solana memecoin parody of U.S. President Joe Biden, has surpassed $250 million in market cap with a gain of 54% within the past 24 hours as of March 25.

The memecoin is only available on the Solana decentralized exchange Raydium and is not yet listed on any centralized platforms. “Boden the 46th pres of soluna. his jeb is te mäk three hundred trillion million billion dollars,” developers wrote on its official website after the token’s March 9 launch. “This wallet belongs to the Jeo Boden treasury and community alike. Any funds donated will be put towards marketing, listings, giveaways, etc,” they further stated:

“$BODEN has no association with Joe Biden. This token is simply a meme coin with no intrinsic value or expectation of financial return.”

Despite developer warnings, Solana memecoins have been on a wild run, with over $122.5 million raised from 27 presales this year alone. “MEME tokens have a knack for capturing attention rapidly through their widespread viral sharing on social media platforms,” commented Singaporean crypto education firm Gryphsis Academy. “An engaging tweet or a captivating Reddit post about a MEME token can spread like wildfire, reaching vast audiences in no time.”

Gryphsis further explained that a sense of scarcity and emphasis on timeliness have led memecoins to develop “heightened urgency” among investors. “This urgency, crafted through limited-time offers, exclusive airdrops, and the backing of influential figures or ecosystems, compels investors to act swiftly,” researchers wrote, “The fear of missing out on these fleeting opportunities prompts quick decision-making, ensuring that individuals feel compelled to jump on board without delay.”

On March 19, Anatoly Yakovenko, co-founder of Solana, warned investors to “stop doing this” amid the ongoing Solana memecoin presale craze. More than 19,000 new Solana tokens with some form of liquidity launched in the past week alone, according to trading data platform Birdeye. Since then, experts have warned that the odds of a rug pull are far higher than the chances of one’s tokens going to the moon

Related: Solana (SOL) tops $150 amid Pantera Capital bid, surge in memecoin and DApp activity