Memecoins
BODEN Trader Loses Nearly $8 Million, But ‘Memecoin Season’ Still On Track — TradingView News
An unfortunate memecoin trader lost nearly $8 million worth of digital assets while trading the Jeo Boden (BODEN) token linked to President Joe Biden, while other traders anticipate a potential memecoin season.
Memecoin Trader Loses Nearly $8 Million on Boden Trading
A memecoin trader posted a loss of nearly $8 million after selling his Jupiter (JUP) tokens to buy memecoin top Boden.
The unknown memecoin whale’s investment has dropped by nearly 99%, according to popular crypto trader Toby, who wrote in a July 21 X-rated article:
“This trader sold $8 million of JUP for $500 BODEN at the Boden top. He then sold $12,500 (0.5% of the total) but held the rest until now, where he is down nearly 98%.”
Cointelegraph
After multiple transactions, the whale’s initial $8 million investment in BODEN is now worth around $85,000.
Looking at the whale’s holdings, 81% of the “D4PDe” wallet contains Boden tokens, while the remaining 14% is Circle’s USD Coin (USDC) and 3.7% is Solana (SOL) tokens.
At its peak, the wallet was worth more than $10.8 million at the end of April, a value that has fallen to $219,000 today, according to data from CoinStats.
Biden-related memes have dropped more than 60% since Biden officially withdrew from the 2024 presidential election.
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Memecoin season could be just around the corner
As Biden-linked tokens have declined sharply, other memecoins are hitting new all-time highs, raising traders’ expectations for an altcoin season — during which many cryptocurrencies will likely see new all-time highs.
For example, Ethereum-based meme token Mogcoin (MOG) hit a new all-time high on July 22, reaching a market cap of over $820 million, according to data from GeckoTerminal.
The MEW token is up more than 39% in the past 24 hours, trading at $0.008126, as of 14:16 UTC.
The broader memecoin sector could be on track to witness the next phase of the bull cycle, according to prominent memecoin trader Zack Ventura.
The trader wrote in a message posted on X on July 22:
“This index shows the top memecoins versus Bitcoin, since December 2023. The next stage of memecoin season is loading.”
Related: Ether’s ‘most obvious bullish setup’ is expected in the second half of 2024, says former Wall Street trader
This article does not contain investment advice or recommendations. All investment and trading involves risk, and readers should conduct their own research before making any decisions.