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.
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.”
