An anonymous Solana SOL/USD trader that bought significant amounts of Jeo Boden BODEN/USD within days of its launch is up over $5 million on the early investment.
What Happened: Per Solscan, the wallet holds 3 million BODEN, worth approximately $2.5 million at the time of writing.
The trader started buying BODEN on March 6, three days after the launch, at prices ranging from 1 cent to 7 cents. The shopping spree ended at a balance of 12 million BODEN on March 7. Data from Chainedge, a smart money wallet tracking tool, shows the trader bought $356,249, averaging a purchase price of 2.5 cents.
The wallet then transferred 6 million BODEN to another wallet, which sold $1,018,413 worth of BODEN at an average price of $0.151.
Half of the remaining 6 million BODEN have been sold at an average price of $0.792, netting another $2,461,575. Total revenue thus amounts to $3,479,988, netting the trader a realized profit of over $3 million, with another $2.5 million in unrealized profit sitting in the wallet.
Read Also: Bitcoin Down 4% But Crypto Has Not ‘Reached The Cycle Top,’ Trader Points Out
Why It Matters: Pseudonymous meme coin founder Dexhawk first discovered the wallet, praising the trader for “good early decisions and walking to the bank with them.”
The story resembles the “eccentric millionaire” that turned $2,708 into millions with the Trump-related MAGA Memecoin TRUMP/USD.
BODEN has been surging over the past weeks, spiking past the $1 mark in Monday trading to an all-time high of over $700 million in market capitalization. The meteoric rise has prompted commentators to call for a new class of meme coins that go beyond internet memes.
Instead of being derivatives of Dogecoin DOGE/USD that use animals as mascots — Shiba Inu SHIB/USD and Floki FLOKI/USD were the most prominent examples in 2021, with dogwifhat WIF/USD being a new entrant — these “culture coins” have shared values and political views, a prominent crypto VC commented.
BODEN and TRUMP are politics-themed examples and pioneers of these “culture coins.”
However, Jeo Boden would need to increase its market capitalization by a factor of 25 to surpass Shiba Inu's current market capitalization. Whether this new meme coin class can replicate the success of its established rivals remains to be seen.
What’s Next: The impact of meme coins on cryptocurrency investments is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Hold On To Your Dogecoin: It’ll Be The ‘First Meme Coin To Reach $100B Market Cap,’ Says Trader
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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