Jeo Boden

2024

Memecoin

An unfortunate memecoin trader has lost nearly $8 million worth of digital assets by trading the President Joe Biden-linked Jeo Boden (BODEN) token, while other traders are expecting a potential memecoin season.
<h2 id="memecoin-trader-loses-nearly-8-million-on-boden-trade">Memecoin trader loses nearly $8 million on Boden trade</h2>
A memecoin trader logged a nearly $8-million loss after selling his Jupiter (JUP) tokens to buy the top of the Boden memecoin.
The unknown memecoin whale’s investment is down nearly 99%, according to popular crypto trader Toby, who <a href="https://x.com/clippedtoby/status/1815090179666788481" target="_blank" rel="noopener nofollow">wrote</a> in a July 21 X post:
<blockquote data-ct-non-breakable="true">
 “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%.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/87b5c225-a304-4491-82db-9a11d590e74f.jpeg" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 Boden whale, trades. Source: Toby/X
 </figcaption>
</figure>
Following multiple trades, the whale’s initial $8-million BODEN investment is now worth around $85,000.
Looking at the whale’s holdings, 81% of the wallet “D4PDe” holds Boden tokens, while the remaining 14% is Circle’s USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) and 3.7% Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) tokens.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/9c4bc6a2-833f-42ab-a99f-8a60190d8b91.png" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 Wallet “D4PDe.” Source: CoinStats
 </figcaption>
</figure>
At the peak of its valuation, the wallet was worth over $10.8 million at the end of April, which fell to the current $219,000 mark, according to CoinStats <a href="https://coinstats.app/address/D4PDeD5jm6mL3TWkBgB6vL9mXqgPN35y7TuDQ7ugX71m/" target="_blank" rel="noopener nofollow">data</a>.
Biden-related memecoins have <a href="https://cointelegraph.com/news/biden-memecoins-tank-as-joe-bidens-drops-out-presidential-race">tanked over 60% since Biden officially dropped ou</a>t from the 2024 presidential elections.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/eae23f9e-d758-41fd-809b-2c496e78efec.jpeg" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 BODEN/USD, 7-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/ether-new-all-time-high-3-5k-ethereum-etf-debut">Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say</a>
<h2 id="memecoin-season-could-be-around-the-corner">Memecoin season could be around the corner</h2>
While Biden-related tokens sharply declined, other memecoins are soaring to new all-time highs, prompting trader expectations of an altcoin season — during which many cryptocurrencies will likely see new all-time highs.
For instance, the Ethereum-based meme token Mogcoin (MOG) reached a new all-time high on July 22, reaching an over $820-million market capitalization, according to GeckoTerminal <a href="https://www.geckoterminal.com/eth/pools/0x7832310cd0de39c4ce0a635f34d9a4b5b47fd434" target="_blank" rel="noopener nofollow">data</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/43ed749b-0558-4c45-9615-73b8af33e70e.png" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 MOG/WETH, 1-day. Source: GeckoTerminal
 </figcaption>
</figure>
The MEW token is up over 39% in the past 24 hours, trading at $0.008126, as of 2:16 pm UTC.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/89dfc416-ab67-4400-8f39-a88fd5ec476d.jpeg" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 MEW/USD, 7-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
The wider memecoin sector could be on track to witness the next phase of the bull cycle, according to popular memecoin trader Zack Ventura.
The trader wrote in a July 22 X <a href="https://x.com/KryptoZack/status/1815369840351232477" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “This index is the top memecoins against Bitcoin, tracing back from December 2023. Next leg up memecoin season is loading.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/2b21f0ef-48e4-4ae9-a21c-2bdf7ee14951.png" alt="BODEN trader loses nearly $8M, but ‘memecoin season’ still on track " title="">
 <figcaption style="text-align: center;">
 Memecoin Index/BTC, all-time chart. Source: Zack Ventura
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/ether-bullish-setup-h2-2024">Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BODEN trader loses nearly $8M, but ‘memecoin season’ still on track

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Cointelegraph

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