Memecoins
BODEN Solana Meme Pieces Skyrocket Following Hunter Biden Guilty Verdict
The son of US President Joe Biden, Hunter Bidenwas convicted on three gun-related charges — and in the hours that followed, the price of Biden-related coins skyrocketed.
Jeo Bodenan intentionally misspelled word Joe Biden coin on Solanajumped 9% in the hour following the guilty verdict, although its 24-hour trend is negative due to earlier losses during this period: it is down 6% since this time yesterday at a current price above $0.18.
Hunter was found guilty of three counts regarding the purchase of a gun in 2018. A jury decided he lied about being a drug user when filling out the forms, leading to him being convicted of three crimes in connection with the incident.
When his sentence was read, the Hunter Boden (HUNTBODEN) meme coin – similarly an intentionally misspelled meme coin – rose 116% in less than 30 minutes, according to CoinGecko. This spike was short-lived, but even with a significant drop, the token is up 30% on the day at a price of nearly $0.0015.
That said, Hunter Boden has a small market cap of $1.6 million, according to DEX filter, with only 862 unique wallets trading the token. Coins this small are more susceptible to volatility and should always be traded with caution.
It is interesting to note that this is the opposite reaction that Donald Trump’s tokens had after the former president found guilty for 34 criminal charges. In response to the late May news, TRUMP fell 25%, MAGA Hat (MAGA) fell 16%, while Super Trump (STRUMP) also fell 16%. But TRUMP and other tokens quickly skyrocketed after that initial decline.
After Hunter Biden’s guilty verdict on Tuesday, the Doland Tremp coin (TREMP) fell 7%. On that note, Polymarket’s odds suggest that bettors believe Joe Biden is 1% more likely to win the 2024 presidential election following the conviction of Hunter Biden.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.