A memecoin inspired by US President Joe Biden, Jeo Boden, experienced a surge of over 42% in value within the last 24 hours following his office’s announcement of his prostate cancer diagnosis on Sunday. The token’s rise is attributed to speculation and market reactions to the news, although traders quickly reversed course after initial gains, leading to a price correction. The sudden spike in activity comes amidst Biden’s upcoming retirement from politics after he announced he would not seek re-election in 2024. While this event sparked initial surges in the value of Jeo Boden and an increase in trading volume, its market cap now stands around $2.5 million – a significant drop compared to its peak at $648 million just a few weeks ago. The memecoin has since stabilized near the $0.0035 mark after a brief retracement, as traders await further developments and clarity on Biden’s condition and treatment plans.