Jeo Boden (BODEN) Token Sees a Steep Decline, Falling Over 60% Since Biden Withdrew from the 2024 Presidential Race

A trader recently faced a substantial loss after investing in the Joe Biden-themed Jeo Boden (BODEN) token, a situation unfolding amid rising expectations

A trader has lost nearly $8 million after investing in the Joe Biden-themed Jeo Boden (BODEN) token, highlighting the risks associated with memecoins and the varying fortunes of different cryptocurrencies.

The anonymous trader had swapped Jupiter (JUP) tokens for BODEN at its peak, an investment that has now plummeted by about 99%, according to crypto trader Toby, who goes by the handle @otteroooo on Twitter.

Initially, the trader managed to sell only $12.5k worth of BODEN before the value dropped drastically. As of July 25, the trader’s BODEN holding is valued at roughly $85,000, with the wallet primarily holding BODEN (81%), USD Coin (14%), and Solana (3.7%).

The wallet’s peak valuation was over $10.8 million in April, which has now decreased to around $219,000, according to CoinStats.

The Biden-linked memecoins have seen a steep decline, falling over 60% since Biden withdrew from the 2024 presidential race.

Meanwhile, other memecoins are experiencing a surge. For instance, Mogcoin (MOG), which is based on Ethereum, hit an all-time high on July 22, reaching a market cap of over $820 million, as reported by Finbold.

This surge has fueled speculation among traders about an impending altcoin season, with many predicting new all-time highs for various cryptocurrencies.

notably, the market could be entering the next phase of the bull cycle, which could indicate a potential memecoin season ahead, according to memecoin trader Zack Ventura, who goes by the handle @ZackZackery on Twitter.