Investors Loses Millions in Memecoin Gamble

A trader recently faced a substantial loss after investing in the Joe Biden-themed Jeo Boden (BODEN) token, a situation unfolding amid rising expectations for a potential memecoin season.

The anonymous trader saw nearly $8 million evaporate after swapping Jupiter (JUP) tokens for BODEN at its peak. According to crypto trader Toby, the investor’s BODEN holding has now plummeted by about 99%. Initially, the trader managed to sell only $12.5k worth of BODEN before the value dropped drastically.

Currently, the trader’s BODEN investment stands at roughly $85,000, with the wallet primarily holding BODEN (81%), USD Coin (14%), and Solana (3.7%). The wallet’s peak valuation of over $10.8 million in April has now decreased to around $219,000, according to CoinStats.

Biden-linked memecoins have seen a steep decline, falling over 60% since Biden withdrew from the 2024 presidential race.

In contrast, other memecoins are experiencing a surge. For example, Mogcoin (MOG), based on Ethereum, hit an all-time high on July 22, reaching a market cap of over $820 million.

This surge has fueled speculation among traders about an impending altcoin season, with many predicting new all-time highs for various cryptocurrencies. Memecoin trader Zack Ventura suggested that the market could be gearing up for the next phase of the bull cycle, indicating a potential memecoin season ahead.