Meet The Traders Who Lost $2M And $8M Betting On Biden And The 'Jeo Boden' Meme Coin

President Joe Biden's announcement not to seek reelection has caused ripple effects in betting markets and PoliFi meme coins.

What Happened: Polymarket trader ‘AnonBidenBull’ lost $2 million betting on the President to become the Democratic nominee for the 2024 election, winning the Presidential election and the popular vote.

'AnonBidenBull' just lost $2,000,000. pic.twitter.com/MGAoUKOx0K

— Polymarket (@Polymarket) July 21, 2024

On the other hand, popular Polymarket trader ‘Domer’ reported a profit of around $800,000 on betting Joe Biden to drop out of the race.

Yet another trader wagered $12,500 on Kamala Harris to become the 2024 Democratic nominee, seeing their position’s value skyrocket by over 6,000% to nearly $769,000. Polymarket currently estimates Harris’ odds at 79%.

Also Read: President Biden’s Exit Followed Nearly $80M In Wagers On Crypto Prediction Market Polymarket

Why It Matters: These incidents underscore the inherent risks associated with prediction markets like Polymarket, where outcomes are highly dependent on unpredictable political events. The recent surge in activity on Polymarket, particularly from crypto traders, indicates a growing interest in these markets, despite the risks.

Crypto trader Toby tweeted the story of a trader who switched his $8 million investment from Jupiter JUP/USD to Biden-themed meme coin Jeo Boden BODEN/USD at the latter's peak. Later he sold $12,500 worth of shares but held on to the rest. Currently, he is down 98% on the bet, turning the initial $8 million into $85,000. "Rich people can also be incredibly stupid," the trader commented on the example.

Reminder: Rich people can also be incredibly stupid.

This trader TWAP'd out of $8m worth of $JUP for $BODEN at the pico top of Boden.

He then sold $12.5k worth (0.5% of total) but bagheld the rest to now, where he is down near to 98%. His $8m is now worth about $85k at… pic.twitter.com/w4jAvInuBB

— toby (@clippedtoby) July 21, 2024

Another trader highlighted this downtrend as "the very reason why you don’t want to hold memes that are too specific or tied to a particular." He suggested that unique and universal memes are a better option.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Biden’s Odds Of Finishing Term Drop Sharply On Crypto Prediction Market, Coin Themed After President Bleeds 60%

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.