Memecoins
BODEN Token Crash Causes Traders to Lose $8 Million
A trader suffered a loss of nearly $8 million after investing heavily in the Biden-linked Jeo Boden (BODEN) token. The incident highlights the volatile nature of memecoins, which, despite the trader’s setback, continue to attract considerable attention in the cryptocurrency market.
Massive losses due to political changes
Biden-related memecoins fell more than 60% after President Biden unexpectedly withdrew from the 2024 election race. decline had a direct impact on the trader who had exchanged a substantial amount of Jupiter (JUP) tokens for BODEN at record prices.
As a result, the value of this investment has now fallen to around $85,000, compared to a colossal initial stake of $8 million, marking an almost total loss.
Reminder: Rich people can also be incredibly stupid.
This Trader Sold $8 Million of TWAP $JUP For $BODEN at the top of Boden Peak.
He then sold for $12.5k (0.5% of the total) but held on to the rest until now, where he is down nearly 98%. His $8 million is now worth about $85k at… pic.twitter.com/w4jAvInuBB
— toby (@clippedtoby) July 21, 2024
Potential rise in the memecoin market
Despite these losses, the memecoin market may be on the verge of a recovery. Other memecoins, unrelated to political figures, are reaching new highs. For example, Mogcoin (MOG), an Ethereum-based meme token, recently hit a new all-time high, increasing its market cap to over $820 million.
Additionally, the memecoin named after US Vice President Kamala Horris (KAMA) surged over 100% on July 21, hitting a new all-time high of $0.02571 according to data from Coingecko. This comes after President Joe Biden endorsed Kamala Harris for the US presidency.
These trends are fueling traders’ expectations of an impending altcoin season, which could see many cryptocurrencies reach new all-time highs in value. While the volatility of memecoins linked to political figures could lead to losses, the broader memecoin market could be preparing for a dynamic recovery.
Read also : Boden meme drops 62% after Biden withdraws from 2024 race