Memecoin Trader Loses Nearly $8 Million on Boden Trade, While Others Expect a Potential Memecoin Season

A memecoin trader logged a nearly $8-million loss after selling his Jupiter (JUP) tokens to buy the top of the Boden memecoin.

A memecoin trader has reportedly lost nearly $8 million in digital assets after making a large trade involving the President Joe Biden-linked Jeo Boden (BODEN) token, while other traders are anticipating a potential memecoin season.

According to a July 21 X post by crypto trader Toby, the memecoin whale sold their Jupiter (JUP) tokens to purchase a large amount of BODEN at the peak of its price surge. However, the whale's investment has since declined by nearly 99%.

Examining the whale's wallet, titled “D4PDe,” reveals that 81% of its holdings are in Boden tokens, with the remaining 14% in Circle's USD Coin (USDC) and 3.7% in Solana (SOL) tokens.

At the height of its valuation, the wallet reportedly contained over $10.8 million in total, which has now dwindled to around $219,000, based on data from CoinStats.

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The Boden token, which was created to support President Biden's potential 2024 presidential campaign, experienced a surge in popularity among crypto traders earlier this year. However, following Biden's announcement that he will not be seeking re-election in 2024, several Biden-related memecoins have witnessed a collective decline of over 60%.

Meanwhile, other memecoins have continued to soar to new all-time highs, leading traders to speculate on the possibility of an altcoin season — a period typically characterized by widespread surges in altcoin prices, often preceding new highs for many cryptocurrencies.

For example, the Ethereum-based meme token Mogcoin (MOG) reached a new all-time high on July 22, boasting a market capitalization of over $820 million, according to data from GeckoTerminal.

Another meme token, MEW, has also seen a significant rise, trading at $0.008126 at 2:16 pm UTC, up over 39% in the past 24 hours.

According to memecoin trader Zack Ventura, the broader memecoin sector may be poised for the next stage of the bull cycle.

“Memecoins are setting up for the next leg up again while everyone is focused on ETH, BTC, and SOL,” wrote Ventura in a July 22 X post.

This article does not contain investment advice or recommendations. Every investment and trading move carries a risk, and readers should conduct their own research when making a decision.