An unfortunate memecoin trader has lost nearly $8 million worth of digital assets by trading the President Joe Biden-linked Jeo Boden (BODEN) token, while other traders are expecting a potential memecoin season.
Memecoin trader loses nearly $8M on Boden trade
A memecoin trader logged a nearly $8 million loss after selling his Jupiter (JUP) tokens to buy the top of the Boden memecoin.
The unknown memecoin whale’s investment is down nearly 99%, according to popular crypto trader Toby, who wrote in a July 21 X post:
“This trader TWAP'd out of $8m worth of $JUP for $BODEN at the pico top of Boden. He then sold $12.5k worth (0.5% of total) but bag held the rest to now, where he is down near to 98%.”
Following multiple trades, the whale’s initial $8 million BODEN investment is now worth around $85,000.
Looking at the whale’s holdings, 81% of the wallet "D4PDe" holds Boden tokens, while the remaining 14% is Circle’s USD Coin (USDC), and 3.7% Solana (SOL) tokens.
At the peak of its valuation, the wallet was worth over $10.8 million at the end of April, which fell to the current $219,000 mark, according to CoinStats data.
Biden-related memecoins tanked over 60% since Biden officially dropped out from the 2024 presidential elections.
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Memecoin season could be around the corner
While Biden-related tokens sharply declined, other memecoins are soaring to new all-time highs, prompting trader expectations of an altcoin season — during which many cryptocurrencies will likely see new all-time highs.
For instance, the Ethereum-based meme token Mogcoin (MOG) reached a new all-time high on July 22, reaching an over $820 million market capitalization, according to GeckoTerminal data.
The MEW token is up over 39% in the past 24 hours, trading at $0.008126, as of 2:16 p.m. in UTC.
The wider memecoin sector could be on track to witness the next phase of the bull cycle, according to popular memecoin trader Zack Ventura.
The trader wrote in a July 22 X post:
“This index is the top memecoins against Bitcoin, tracing back from December 2023. Next leg up memecoin season is loading.”
Related: Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
