Memecoin Trader Loses $8M in Biden-Themed Token Crash Amid Potential Memecoin Season

A memecoin trader experienced a significant loss of nearly $8 million after investing in the Jeo Boden (BODEN) token, a memecoin parody related to President Joe Biden on the Solana blockchain. This trader's initial investment in BODEN plummeted by about 99%, reducing the value of the holdings to approximately $85,000​​​​. Biden-themed memecoins have seen a steep decline, with BODEN's price falling over 60% since Biden announced he would not seek re-election in 2024​ ​ .Despite the downturn in Biden-related tokens, the broader memecoin market is showing signs of a potential resurgence. Ethereum-based memecoins like Mogcoin (MOG) have been reaching new all-time highs, with expectations of a memecoin season on the horizon​​.