An 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 $8M 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 trader loses nearly $8M, but 'memecoin season' still on track image 0 Boden whale, trades, Source: Toby

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.

BODEN trader loses nearly $8M, but 'memecoin season' still on track image 1 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 tanked over 60% since Biden officially dropped out from the 2024 presidential elections.

BODEN trader loses nearly $8M, but 'memecoin season' still on track image 2 BODEN/USD, 7-day chart. Source: CoinMarketCap

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Memecoin 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 .

BODEN trader loses nearly $8M, but 'memecoin season' still on track image 3 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 p.m. in UTC.

BODEN trader loses nearly $8M, but 'memecoin season' still on track image 4 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.”
BODEN trader loses nearly $8M, but 'memecoin season' still on track image 5 Memecoin Index/BTC, all-time chart. Source: Zack Ventura

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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.