A memecoin trader has suffered a significant loss, over $8 million, by investing in the President Joe Biden-linked Jeo Boden (BODEN) token.
A memecoin trader has suffered a significant loss, over $8 million, by investing in the President Joe Biden-linked Jeo Boden (BODEN) token. The anonymous trader, who previously held a substantial amount of Jupiter (JUP) tokens, decided to sell his JUP holdings to buy BODEN at its peak. According to popular crypto trader Toby, the investment plummeted almost 99%. Toby shared on July 21 via X:
“This trader TWAP’d out of $8m worth of JUP for BODEN at the pico top of BODEN. He then sold $12.5k worth (0.5% of total) but bag held the rest to now, where he is down near to 98%.”
After a series of transactions, the whale's initial $8 million investment in BODEN has dwindled to approximately $258,000. Analyzing the trader's wallet, identified as “D4PDe,” reveals that 81% of its assets are in BODEN tokens, with the remaining 14% in Circle’s USD Coin (USDC) and 3.7% in Solana (SOL). At its peak, the wallet's value exceeded $10.8 million at the end of April, but it has now plummeted to around $298,000, according to CoinStats data.
The sharp decline in Biden-related memecoins followed President Biden's official withdrawal from the 2024 presidential race, which was announced on Biden’s official X account on July 22. BODEN fell over 57% following the news of Biden’s withdrawal, and is down a staggering 98.8% from its all-time high of $1.07. However, over the past 24 hours, BODEN recovered slightly, gaining 47%. It is currently trading at a market cap of $8.59 million.
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