Memecoins
Memecoin trader Solana misses $5M BODEN opportunity just before token soars amid Biden letter – DL News
- A Solana memecoin trader held over $5 million in BODEN as of early April.
- But they didn’t cash out their winnings until Monday, after the token’s value fell by more than 90%.
- This is a striking example of Solana’s volatile memecoin market.
A cryptocurrency trader has dumped BODEN, the Joe Biden-themed memecoin based on Solana, after a rollercoaster ride that saw its holdings soar to over $5 million from nearly $227,000 — before crashing again.
The trader, whose identity is not known, sold 5.7 million BODEN tokens on Monday for just over $139,000, a 39% loss from their value when they were acquired, according to blockchain data reviewed by DL News.
But that’s a 97% loss compared to the price the trader could have sold the tokens for on April 10, just a month after BODEN launched. That day, BODEN hit an all-time high and briefly traded around $0.95.
Perhaps most frustrating for the trader: BODEN has surged more than 100% since then, as Biden, who is seeking a second term as U.S. president, persists despite poor poll numbers and a dismal performance in the June 27 debate that led to calls for him to drop out of the race.
“I am fully committed to staying in this race, to seeing this race through to the end, and to defeating Donald Trump,” Biden wrote in a statement. letter to congressional Democrats Monday morning.
Memecoin Volatility
This is a striking example of the volatility of memecoin markets, which have booming on the Solana blockchain this year.
Memecoins are tokens inspired by internet memes and pop culture. Unlike some tokens, which function much like the shares of a publicly traded company, memecoins have no intrinsic value and trade entirely on hype.
Earlier this year, a wave of memecoins hit the market, many of which offensive and many of them have comical spelling mistakes politician And celebrity names.
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In addition to Jeo Boden, who uses the ticker BODEN, there was “Doland Tremp” (Donald Trump), “Taylur” (one of several Taylor Swift-themed tokens), and Coinye West (Kanye West).
Although memecoins are criticized as purely speculative — and, in many cases, outright scams — they are popular with many savvy retail cryptocurrency investors who believe the tokens are free from the influence of venture capital and institutional investors that dominate other markets.
“Memecoins seem to be one of the last remaining opportunities in crypto for a normal person to go from zero to a respectable level. [net worth] “In a short period of time,” Jordan Fish, a crypto influencer better known as Cobie, wrote on X earlier this year.
Others are not so sure.
“This is all very stealthy and very brutal exploitation for the people who are taking advantage of this exuberance,” said Taylor Monahan, a security researcher at MetaMask. DL News in April.
“They think they’re going to win big, and then they’re completely destroyed. They’re the silent majority.”
BODEN Merchants
Take firetruck.sol, for example, the trader BODEN missed out on a $5 million fortune. (Firetruck.sol is the Solana-based domain name linked to the trader’s crypto wallet.)
On March 6, just after BODEN launched, they acquired 1.6 million tokens in three separate transactions within 10 minutes. These tokens were worth around $64,000 at the time.
Five hours later, they bought another 3.3 million tokens, worth about $132,000.
On March 11, they made their last major purchase, acquiring an additional 761,000 tokens, worth around $30,000.
At the time, BODEN tokens were worth around $0.04. By the end of the month, they were worth $0.34, and firetruck.sol’s holdings exceeded $1.9 million.
On April 4, the price of the BODEN token doubled to $0.70. On April 10, it reached its all-time high, briefly trading just below $1 per token.
Jeo Boden reached its peak in early April.
If firetruck.sol had cashed in, they would have pocketed $5.4 million.
But they didn’t, and the token has been falling ever since. On May 1st, it was trading at $0.43. On June 1st, it was trading at $0.27. On July 1st, it was trading at $0.07. On Monday, they sold their BODEN at a price below $0.03 per token.
They now own over $4 million in cryptocurrencies, most of them USDC and USDT stablecoins.
But their memecoin assets are still plentiful: On Tuesday, they were sitting on 69 “Gabin Noosom” tokens, named for Gavin Newsom, the California governor and presumptive 2028 presidential candidate; 69 “Olen Mosk” tokens, named for Tesla founder and X owner Elon Musk; and 10 “Jill Boden” tokens, named for the president’s wife, Jill Biden.
Their combined value? Nearly $0.08.
Aleks Gilbert is DL News” DeFi correspondent based in New York. Got a tip? Contact him at aleks@dlnews.com.