Saad Ullah
BODEN-themed memecoins saw a temporary spike following Hunter Biden's guilty verdict on federal gun charges, highlighting volatile market reactions.
BODEN Memecoins Spike After Hunter Biden Verdict
In an intriguing market reaction, misspelled memecoins referencing the U.S. first family experienced a brief surge following the conviction of President Joe Biden's son, Hunter Biden, on federal gun charges. This unusual event saw Biden-themed Solana memecoins spike and then rapidly decline after the guilty verdict.
Hunter Biden's conviction on three charges related to lying about his drug use when purchasing a revolver in 2018 led to significant fluctuations in the market for BODEN-themed tokens. On June 11, shortly after a Delaware federal court jury delivered the verdict, the Jeo Boden (BODEN) token rose by 26%, reaching a 24-hour high of nearly $0.20, according to CoinGecko data.
HUNTBODEN Token Surges, JILLBODEN Falls
Simultaneously, the Hunter Boden (HUNTBODEN) token saw an impressive 116% increase, hitting a daily high of $0.0022, while the Jill Boden (JILLBODEN) token, themed after the First Lady, dipped by 9%. Despite these initial gains, both BODEN and HUNTBODEN tokens experienced declines, dropping by 6% and nearly 54% respectively in the following 24 hours. JILLBODEN continued its downward trend, falling by 14.7%.
The HUNTBODEN token, with a significantly smaller market capitalization of under $583,000, contrasted sharply with BODEN's larger market cap of over $124.6 million, as per GeckoTerminal. These market movements underscore the high volatility and speculative nature of meme-based cryptocurrencies.
Interestingly, the Doland Tremp (TREMP) token, another purposefully misspelled Solana memecoin referencing President Biden's political rival Donald Trump, dropped by over 12% to $0.93 on the same day. This indicates that political-themed memecoins are highly sensitive to news events and market sentiment.
Conclusion
The rapid rise and fall of BODEN-themed memecoins following Hunter Biden's guilty verdict highlight the extreme volatility and speculative nature of the cryptocurrency market, especially for politically-themed tokens. As the market continues to react to major news events, investors should remain cautious of the rapid price movements that characterize these niche assets.
Saad Ullah
