Jeo Boden

2024

Joe Biden

Memecoin

A trader faced a loss of nearly $8 million after heavily investing in the Biden-linked Jeo Boden (BODEN) token. This incident highlights the volatile nature of memecoins, which, despite the trader’s setback, continue to attract substantial attention in the crypto market. 
Massive Loss Amid Political Shifts 
Biden-related memecoins declined by more than 60% following President Biden’s unexpected withdrawal from the 2024 electoral race. This sharp <a href="https://www.coingecko.com/en/coins/jeo-boden" target="_blank" rel="noreferrer noopener nofollow">decline</a> directly impacted the trader who had swapped a substantial amount of Jupiter (JUP) tokens for BODEN at peak prices.&nbsp; 
Consequently, the value of this investment has now plummeted to an estimated $85,000 from a colossal initial stake of $8 million, marking a near-total loss. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Reminder: Rich people can also be incredibly stupid. This trader TWAP'd out of $8m worth of <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$JUP</a> for <a href="https://twitter.com/search?q=%24BODEN&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BODEN</a> at the pico top of Boden. He then sold $12.5k worth (0.5% of total) but bagheld the rest to now, where he is down near to 98%. His $8m is now worth about $85k at… <a href="https://t.co/w4jAvInuBB" target="_blank">pic.twitter.com/w4jAvInuBB</a>— toby (@clippedtoby) <a href="https://twitter.com/clippedtoby/status/1815090179666788481?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 21, 2024</a>
 </blockquote> 
 </div>
</figure> 
Potential Uptick in Memecoin Market 
Despite these losses, the broader memecoin market may be on the cusp of an upturn. Other memecoins, unlinked to political figures, are reaching new heights. For example, Mogcoin (MOG), an Ethereum-based meme token, recently hit a new all-time high, boosting its market capitalization to over $820 million.&nbsp; 
Moreover, the memecoin named after US Vice President, Kamala Horris (KAMA), surged by over 100% on July 21 reaching a new all-time high of $0.02571 according to data from Coingecko. This comes after President Joe Biden endorsed Kamala Harris for US president. 
The trends are igniting trader expectations of an impending altcoin season, which could see many cryptocurrencies achieve new record values. While the volatility of memecoins linked to political figures can lead to losses, the general market for memecoins may be gearing up for a dynamic upturn. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/22/boden-memecoin-plummets-62-after-biden-exits-2024-race/" target="_blank" rel="noreferrer noopener">Boden Memecoin Plummets 62% After Biden Exits 2024 Race</a> 
</blockquote>

BODEN Token Crash Leads to Massive $8 Million Loss for Trader

The Crypto Times

22 Tem 2024 tarihli diğer yazılar

Bitcoin Conference 2024: Full Agenda & Key Highlights Of Nashville Event

Joe Biden quits campaign: What it means for crypto

Could BlackRock’s Larry Fink Be Trump’s Next Treasury Secretary?

Real World Asset (RWA) Tokenization To Transform Renewable Energy with SDBN by SunMoney Solar Group

Toncoin Daily Active Addresses Surge 5360% YoY

Hong Kong to launch Asia’s first inverse Bitcoin ETF

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!