A crypto trader gave up on BODEN, the Solana-based Joe Biden-themed memecoin, after a rollercoaster ride that saw their holdings jump to more than $5 million from almost $227,000 — before crashing again.
The trader, whose identity isn’t known, sold 5.7 million BODEN tokens on Monday for a little more than $139,000, a 39% loss relative to their value when they were acquired, according to blockchain data reviewed by DL News.
But it’s a 97% loss compared with what the trader could have sold the tokens for on April 10, just a month after BODEN’s launch. That day, BODEN hit an all-time high and was briefly trading at around $0.95.
Perhaps most frustrating for the trader: BODEN has surged more than 100% since, as Biden, who’s seeking a second term as US president, digs in despite poor poll numbers and a catastrophic debate performance on June 27 that led to calls for him to drop out of the race.
“I am firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump,” Biden wrote in a letter to congressional Democrats Monday morning.
It’s a vivid example of the volatility of memecoin markets, which have boomed on the Solana blockchain this year.
Memecoins are tokens inspired by internet memes and pop culture. Unlike some tokens, which function somewhat similar to shares in a publicly traded company, memecoins have no inherent value and trade entirely on hype.
Earlier this year, a flood of memecoins hit the market, many of them offensive and many featuring comical misspellings of politician and celebrity names.
