BODEN-Trader loses nearly $8 million

A memecoin trader loses nearly $8 million after the Biden withdrawal. Why his BODEN investment wasn't a good one.

While many memecoin fans rejoice in rising prices, another has little reason to celebrate: A trade with the Jeo Boden (BODEN) memecoin caused one trader to lose nearly his entire capital of $8 million.

The U.S. president Joe Biden had withdrawn Sunday night from the U.S. election campaign. This decision had dire consequences for political memecoins and Polymarket betting.

The unknown memecoin trader had sold his Jupiter (JUP) tokens to switch into BODEN exactly at the peak. Bad timing: After several trades, the initial investment in BODEN was temporarily worth only about $85,000. The price of the Biden mecoin BODEN dropped more than 60 percent after the U.S. president's withdrawal, while the price of the KAMA mecoin rose 81.2 percent. U.S. Vice President Kamala Harris is seen as the new Democratic favorite.

Still, due to BODEN's recent price appreciation, the trader was able to restore the total value of his portfolio, which also includes Solana and USDC bringing in more than $400,000. Surely this is about five percent of his initial investment. BODEN is up a spectacular 102% over the previous day and is now trading at $0.195. Compared to the previous week, however, this is still a price loss of more than 37%.