Jeo Boden BODEN/USD, the meme coin inspired by President Joe Biden, is down over 99% from its all-time highs, with one trader speculating it may have one last hooray left in the tank.
What Happened: Pseudonymous trader ChimpZoo on Tuesday pointed out that the enormous price drop from $1 to $0.01 has caught his attention. He tweeted, "There’s a real risk this coin goes to zero, but I believe there is a significant chance that we see a 5x-40x in price in the near future."
He added that the recent trend of HODLers and 10-cent dip buyers capitulating at these levels is due to Biden’s withdrawal from the political scene and identified himself as part of a new breed of value dip buyers capitalizing on this opportunity. As possible bullish catalysts he cites President Biden speaking at the Democratic National Convention, big accounts tweeting about the meme coin or momentum chasers entering the trade.
BODEN has lost 99% of its value from its all-time high at $1.08.
Also Read: Meet The Traders Who Lost $2M And $8M Betting On Biden And The ‘Jeo Boden’ Meme Coin
Despite acknowledging the risk of the coin going to zero, ChimpZoo discloses that he has "loaded a huge bag at these levels," indicating his confidence in the coin’s future performance.
Price Action: In the past 24 hours, BODEN is up 9%, trading just below one cent at the time of writing.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
