Aside from confusing the internet, President Donald Trump's cryptic ';Bela' post spawned a bunch of memecoins, which were climbing higher on Sunday.
Bela-Themed Tokens Crop Up
Obscure tokens began circulating on decentralized exchanges overnight.
Solana (CRYPTO: SOL)-based Bela was up over 184% in the last 24 hours, with a market capitalization of barely $245,000, according to CoinMarketCap.
The coin was marked as "High Risk" by CoinMarketCap, urging traders to carry out their due diligence before investing.
A similar Solana DEX token surged 128%, with a market value of $182,400 but 24-hour volume reaching nearly $10 million.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
Something To Do With Russia And Putin?
The surge came after Trump left the internet guessing by writing "Bela" in a Truth social post, shortly after he wrote, "BIG PROGRESS ON RUSSIA. STAY TUNED."
Trump met Russian President Vladimir Putin in a high-stakes summit in Alaska that concluded without a ceasefire deal to halt Russia's ongoing war in Ukraine. Trump has indicated his intention to arrange a trilateral meeting involving Putin and Ukrainian leader Volodymyr Zelensky.
Trump has a knack for unleashing mysterious words on social media. In 2017, he let out a confusing partial sentence, "Despite the constant negative press covfefe…,” which left many scratching their heads and ended up spawning memecoins.
Photo Courtesy: noamgalai on Shutterstock.com
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