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 $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%.”

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

$1.00

SOL

$175

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.

Related: Can ETH price crack $3.5K? Ethereum ETF debut will precede new highs, analysts say

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.

The MEW token is up over 39% in the past 24 hours, trading at $0.008126, as of 2:16 pm UTC.

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.”

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.

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  Memecoin frenzy intensifies as US election nears

What crypto policies can voters expect from potential VPs under Kamala Harris?

Despite endorsements from major party leaders, the top and bottom of the Democratic presidential ticket have yet to be fixed.

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Though United States Vice President Kamala Harris has yet to officially win the Democratic nomination for president in 2024, many experts suggest she has an excellent chance to be the party’s candidate, facing off against Republican Donald Trump in November.

At the time of publication, it was unclear whether the Democratic National Convention (DNC) would hold an open primary — allowing any candidate to potentially win the delegates for the top of the ticket — or conduct a “virtual roll call” to decide on a nominee before a critical state deadline. The DNC is scheduled to begin on Aug. 19 in Chicago. However, Ohio’s election laws require parties to certify their presidential tickets by Aug. 7, suggesting that Democrats may take steps to ensure Harris is nominated outside of an open convention.

With the endorsement of US President Joe Biden, Senator Elizabeth Warren, Representative Nancy Pelosi and many Democratic leaders, Harris may become the party’s candidate in 2024. Until the nomination is official, certain Democrats have a chance of being at the top of the ticket or potentially vice presidential candidates under Harris.

Pete Buttigieg

The Secretary of Transportation under President Biden, Pete Buttigieg has had little involvement with financial policy since 2021 or made public statements on crypto while the mayor of South Bend, Indiana. During his 2020 presidential campaign, Buttigieg said Bitcoin 

BTC

$66,712

Josh Shapiro

Pennsylvania Governor Josh Shapiro is another potential presidential or vice presidential candidate on the Democratic ticket with some crypto policy experience. In February 2019, the Pennsylvania Department of Banking and Securities explicitly stated that “virtual currency, including Bitcoin,” did not qualify as money under the state’s money transmission laws. With Shapiro as governor, the department included crypto in this definition.

JB Pritzker

JB Pritzker, who has served as the Illinois Governor since 2019, is also one of the names being considered for the Democratic ticket. In August 2021, Pritzker spoke at crypto trading platform CoinFlip’s offices for the announcement of the company’s new headquarters. The governor said at the time that “the future of cryptocurrency is in Illinois” and encouraged industry leaders to flock to the state.

Gavin Newsom

In 2022, California Governor Gavin Newsom signed an executive order to harmonize regulatory frameworks for blockchain between the US government and California — one of the first actions of its kind. In October 2023, he also approved a bill — the Digital Financial Assets Law — requiring additional regulations on crypto firms operating in the state. The legislation is set to be enforced beginning in July 2025.

Buttigieg, Pritzker, Shapiro and Newsom have all endorsed Harris as president. Other potential running mates include Michigan Governor Gretchen Whitmer, who has largely been as silent on crypto as Vice President Harris. Whitmer said on July 22 that she would co-chair Harris' campaign.

Related: What we know about Kamala Harris’ views on crypto

None of the potential vice president candidates have a rating on Coinbase’s Stand With Crypto initiative, a website that lists what politicians have said and voted regarding digital assets. Vice President Harris’ rating at the time of publication was “pending.”

Trump’s running mate, whom he announced in a social media post amid the Republican National Convention on July 15, is JD Vance. The Ohio senator reported holding up to $250,000 worth of Bitcoin in 2022 and voted in favor of a joint resolution to overturn an SEC rule on banks reporting crypto as a liability on their balance sheets.

Vance’s addition to the Republican ticket followed Trump’s campaign announcing that it would accept crypto donations and enact policies to favor BTC miners if he were reelected in 2024. However, the vice presidential pick previously said Trump was “unfit” to be president, referred to him as “America’s Hitler,” and said that anyone who voted for him was an “idiot.”

Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue