A trader recently faced a substantial loss after investing in the Joe Biden-themed meme coin, Jeo Boden (BODEN) token, a situation unfolding amid rising expectations for a potential meme coin season.
The anonymous trader saw nearly $8 million evaporate after swapping Jupiter (JUP) tokens for BODEN at its peak.
Reminder: Rich people can also be incredibly stupid.
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 bagheld the rest to now, where he is down near to 98%. His $8m is now worth about $85k at… pic.twitter.com/w4jAvInuBB
— toby (@clippedtoby) July 21, 2024
According to crypto trader Toby, the investor’s BODEN holding has now plummeted by about 99%. Initially, the trader managed to sell only $12.5k worth of BODEN before the value dropped drastically.
Currently, the trader’s BODEN investment stands at roughly $85,000, with the wallet primarily holding BODEN (81%), USD Coin (14%), and Solana (3.7%). The wallet’s peak valuation of over $10.8 million in April has now decreased to around $219,000, according to CoinStats.
Biden-linked meme coins have seen a steep decline, falling over 60% since Biden withdrew from the 2024 presidential race.
In contrast, other meme coins are experiencing a surge. For example, Mogcoin (MOG), based on Ethereum, hit an all-time high on July 22, reaching a market cap of over $820 million.
This surge has fueled speculation among traders about an impending altcoin season, with many predicting new all-time highs for various cryptocurrencies.
Meme coin trader Zack Ventura suggested that the market could be gearing up for the next phase of the bull cycle, indicating a potential meme coin season ahead.
