Following the historic sentencing of Sam Bankman-Fried (SBF), the founder of the collapsed cryptocurrency exchange FTX, memcoins inspired by him soared by thousands of percent. However, they soon quickly collapsed.
On March 28, the court sentenced Sam Bankman-Fried to 25 years in prison. Taking this opportunity, the crypto community relied on “meme” coins dedicated to SBF.
The first and most successful
A few hours before the court hearings on the second level network (L2) Base the Sam Baseman Fraud memecoin appeared under the ticker FTX. The title is a play on words. In the first part of the surname, the creator inserted the name of the network on the basis of which the “meme” coin was launched. And instead of the second, there is a word consonant with the original, meaning “fraud.”
According to DexScreener, in just seven hours, the FTX token skyrocketed by more than 23,000%. Capitalization at the same time exceeded the mark of $1.7 million.
By the end of the trial, the cumulative increase since launch was 35,000%. However, a few minutes after the judge announced the verdict, the value of the “meme” coin plummeted and continues to decline to this day.
Nevertheless, volatility is not too scary for crypto traders. At the time of writing, the daily trading volume of the FTX token exceeded $4.2 million. The market value of the asset is more than $455 thousand.
The Solana community never lags behind
A similar memcoin appeared yesterday on Solana (SOL). Moreover, it became something of a “local joke.” The creator was inspired not only by Bankman-Freed, but also by one of the most popular “meme” coins on the network – Bonk (BONK).
Before the final verdict was announced, the Som Bonkmon Fraud (SBF) token jumped 15,000%. However, immediately after, the asset rate fell sharply. Over the past 24 hours, SBF has collectively fallen in price by 93%.
The trading volume of the “meme” coin on Solana over the past 24 hours amounted to $11.9 million. Its capitalization at the time of writing is $390 thousand.
Previously, Solana was flooded with “meme” coins with spelling errors in their names. Some of them were inspired by American politicians. Thus, the asset of Joe Boden (BODEN) soared by 126,000% in a matter of minutes after its launch.
Source: Cryptocurrency
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