BODEN Trader has lost nearly $8 million, but ‘memecoin’ season’ is still on its way.

An unfortunate memecoin trader lost nearly $8 million in digital assets by trading the Joe Boden (BODEN) token linked to President Joe Biden, while other traders are waiting for the memecoin season.

Memecoin trader lost nearly $8 million on Boden's trade.

A memecoin trader lost nearly $8 million after selling his Jupiter (JUP) tokens to buy Boden's memecoin peak.

Famous crypto trader Toby wrote in a post on July 21 X that the anonymous memecoin whale investment has dropped by almost 99%.

“This trader got TWAP over $8m worth of JUP for BODEN at Boden's peak. He then sold $12.5k worth (0.5% of the total) but the bag dropped the rest to 98%.

After several trades, the whale's initial $8-million BODEN investment is now worth around $85,000.

Looking at the whale's holdings, 81% of the wallets hold “D4PDe” Boden tokens, the remaining 14% are Circle USD Coin (USDC) and 3.7% are Solana (SOL) tokens.

At the peak of its valuation, the wallet was worth more than $10.8 million at the end of April, down from $219,000, according to CoinStats data.

Biden-related memecoins have surged more than 60% since Biden officially withdrew from the 2024 presidential election.

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The season of Memecoin may be just around the corner.

While Biden-related tokens are falling sharply, other memecoins are surging to new all-time highs, prompting traders to look forward to the altcoin season — a time when many cryptocurrencies could see new all-time highs.

For example, Ethereum-based meme token Mogcoin (MOG) reached a peak on July 22, reaching a market capitalization of more than $820 million, according to GeckoTerminal data.

The MEW token has risen over 39% in the last 24 hours, trading at $0.008126, as of 2:16 pm UTC.

According to famous memecoin trader Zach Ventura, the wider memecoin sector may be on its way to witness the next phase of the bull cycle.

In a July 22 X post, the businessman wrote:

“This index is the highest memecoins on Bitcoin since December 2023. The next memecoin season is loading.”

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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.