Memecoin degenerates have once again put their money on questionable tokens - this time in the wake of Sam Bankman-Fried's historic sentencing to 25 years in prison.
On March 28, Judge Lewis Kaplan sentenced Bankman-Fried to a total of 25 years in prison on seven counts of fraud, making the former FTX CEO the first FTX executive to face prison for the exchange's collapse in November 2022. - so-called one of the largest corporate collapses in U.S. history.
However, hours before Bankman-Fried was sentenced, the programmer released a memecoin called Sam Baseman Fraud - jokingly tagged FTX - on Coinbase Base's Tier 2 network.
According to DexScreener data, in just seven hours memecoin FTX gained more than 23,300%, and market capitalization peaked to $1.5 million on March 28.
As is often the case with many memecoins, the token began to sell off sharply, losing more than 85% in three hours. At the time of publication, the price of memecoin had stabilized and was oscillating around the $0.06 level, still down 60% from its all-time highs.
About 2 hours after the Solan verdict, another SBF-themed memecoin appeared, named Som Bonkmon Fraud.
The Solana-based SBF memecoin initially reached a market capitalization of about $20 million, up more than 18,000% from its initial value of $30,000. However, the token sold off quickly, falling more than 95% from its peak.
At the time of publication, its price is around $0.0008 - only slightly above the first listed price.
Bankman-Fried-themed memecoins are the latest addition to the list of themed memecoins inspired by cryptocurrencies and political figures. Several other political memecoins, such as Boden and Tremp, have tried to capitalize on the attention around the upcoming U.S. elections.
The memecoin trend experienced a major resurgence after the surge of a Solan-based memecoin called Dog Wif Hat (WIF), whose market capitalization rose from about $50,000 to $3.5 billion in four months.
