An anonymous Solana (CRYPTO: SOL) trader that bought significant amounts of Jeo Boden (CRYPTO: BODEN) 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."
This $boden whale who bought his bags around $0.01-$0.06 and is dumping on the chart right now is my hero.
— Dexhawk (@0xDEXhawk) April 8, 2024
This dude is still holding over $3million worth of boden.
He's taking his profits from his good early decisions and walking to the bank with them.
Good job homie. pic.twitter.com/7id0dbUZdU
The story resembles the "eccentric millionaire" that turned $2,708 into millions with the Trump-related MAGA Memecoin (CRYPTO: TRUMP).
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 (CRYPTO: DOGE) that use animals as mascots — Shiba Inu (CRYPTO: SHIB) and Floki (CRYPTO: FLOKI) were the most prominent examples in 2021, with dogwifhat (CRYPTO: WIF) 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.