While one unlucky Mimecoin trader lost $8 million worth of digital assets while trading the Geo Boden token associated with President Joe Biden, other traders are anticipating a potential Mimecoin season.
Memecoin Trader Loses Nearly $8 Million on Boden Trade
A Mimecoin trader lost about $8 million after selling Jupiter (JUP) tokens to buy Boden Mimecoin at its peak price.
According to popular crypto trader Toby, an unknown Mimecoin whale’s investment is down almost 99%. He wrote in a July 21 post on X:
“This trader sold $8m worth of JUP at Boden’s all time high at TWAP. He then sold $12.5k worth (0.5% of the total) but held on to the rest until now, now close to 98%.”
After several transactions, this whale’s investment in BODEN has grown from an initial $8 million to the current value of approximately $85,000.
Looking at the whale’s holdings, 81% of the wallet “D4PDe” holds Boden tokens, the remaining 14% is Circle’s USD Coin (USDC) and 3.7% is Solana (SOL) tokens.
According to CoinStats data, the wallet was worth over $10.8 million at its peak in late April, but has now fallen to $219,000.
Biden-related meme coins have plummeted by more than 60% since Biden officially dropped out of the 2024 presidential race.
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Memecoin season is just around the corner.
While Biden-related tokens have fallen sharply, other cryptocurrencies have been hitting new all-time highs, leading traders to anticipate altcoin season, during which many cryptocurrencies are likely to hit new all-time highs.
For example, Mogcoin (MOG), an Ethereum-based meme token, hit a new all-time high on July 22, with a market cap of over $820 million, according to GeckoTerminal data.
The MEW token has risen by over 39% over the last 24 hours and is trading at $0.008126 as of 2:16 PM UTC.
According to popular Mimecoin trader Jack Ventura, the entire Mimecoin sector is likely to witness the next phase of the bull cycle.
The merchant wrote in a post to X on July 22nd:
“This index is the top Mimecoins against Bitcoin, tracked since December 2023. The next leg-up Mimecoin season is loading.”
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This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.