Fun

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

News Feed - 2024-07-23 03:07:00

Zoltan Vardai5 hours agoBODEN trader loses nearly $8M, but ‘memecoin season’ still on trackBiden-related memecoins fell over 60% since the US president dropped out from the 2024 election.695 Total views1 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAn 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.Memecoin trader loses nearly $8 million on Boden trade


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 wrote in a July 21 X post:“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%.”Boden whale, trades. Source: Toby/X


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 (USDC) and 3.7% Solana (SOL) tokens.Wallet “D4PDe.” Source: CoinStats


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 data.


Biden-related memecoins have tanked over 60% since Biden officially dropped out from the 2024 presidential elections.BODEN/USD, 7-day chart. Source: CoinMarketCap


Related:Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts sayMemecoin season could be around the corner


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 data.MOG/WETH, 1-day. Source: GeckoTerminal


The MEW token is up over 39% in the past 24 hours, trading at $0.008126, as of 2:16 pm UTC.MEW/USD, 7-day chart. Source: CoinMarketCap


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 post:“This index is the top memecoins against Bitcoin, tracing back from December 2023. Next leg up memecoin season is loading.”Memecoin Index/BTC, all-time chart. Source: Zack Ventura


Related:Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader


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.# Cryptocurrencies# Altcoin# Politics# Ethereum# Markets# United States# Elections# DeFi# Memecoin# Joe BidenAdd reaction

News Feed

Bitget Expands Innovation Zone With Priority Access to Exceptional Projects
Bitget Expands Innovation Zone With Priority Access to Exceptional Projects press release PRESS RELEASE. Victoria Seychelles, 2023 – Bitget, the leading global crypto derivative e
Former SEC official David Hirsch says he is not joining Pump​.fun
Vince Quill6 hours agoFormer SEC official David Hirsch says he is not joining Pump​.funRumors have been circulating that the recently retired SEC veteran is taking on a private role in the digital asset sector.1250 Tot
New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App
New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App Metamask users in Nigeria can now directly and instantly buy crypto assets within the mobile
Bitcoin Mining Company Griid Plans for Public Listing on NYSE via SPAC Deal
Bitcoin Mining Company Griid Plans for Public Listing on NYSE via SPAC Deal After the vertically integrated bitcoin self-mining company Griid revealed it secured a $525 million cre
Solana validators pass ‘Timely Vote Credits’ plan to speed up transactions
Felix Ng8 hours agoSolana validators pass ‘Timely Vote Credits’ plan to speed up transactionsSolana’s validators voted 98% in favor of a proposal that could speed up transaction confirmation times.1708 Total views2
Ethereum Leads Altcoin Rally with Solana and Dogecoin – Best Crypto to Buy Now
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Marcel Pechman3 hours agoBitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to marketsThe losses on U.S. Treasurys recently surpassed $1.5 trillion, and the likely outcome is turbulent ma
Crypto adoption in Argentina soars amid 276% inflation spike
Helen Partz11 hours agoCrypto adoption in Argentina soars amid 276% inflation spikeArgentina has emerged as the top market by numbers of visitors on Binance, one of the world’s largest crypto exchanges.1507 Total views
Tristan Greene4 hours agoNvidia AI partner Databricks raises $500M to achieve $43B valuationCapital One also joined the investment round, despite being the top client of rival cloud platform Snowflake.1271 Total views22
Tom Blackstone4 hours agoGoogle Assistant will soon incorporate Bard AI chat serviceGoogle announced that its browser-based AI program, Bard, will be used by Google Assistant devices soon.782 Total views12 Total sharesLi
William Suberg41 minutes agoEnd of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this weekBitcoin holds higher BTC price levels into what looks to be a crunch week for crypto markets across the boa
Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions
Report: Nigerian Finance Bill Has Provisions Allowing Govt to Tax Crypto Transactions A Nigerian finance bill, which seeks to amend the country’s various tax statutes, contai