Following the news of Hunter Biden’s conviction on three charges in a federal gun case, Solana memecoins inspired by President Joe Biden experienced a brief surge in value before dropping back down.
The Jeo Boden (BODEN) token, intentionally misspelled to reference the president, saw a 26% increase to reach a high of nearly $0.20 within five hours of the verdict on June 11, according to data from CoinGecko. At the same time, the Hunter Boden (HUNTBODEN) token skyrocketed by 116% to $0.0022, while the Jill Boden (JILLBODEN) token took a 9% dive.
However, the rally was short-lived, with BODEN and HUNTBODEN declining by 6% and almost 54% respectively in the past 24 hours, and JILLBODEN dropping by 14.7%.
The HUNTBODEN token has a market capitalization of less than $583,000, significantly lower than BODEN’s over $124.6 million valuation, as reported by GeckoTerminal.
Hunter Biden, who has struggled with addiction in the past, was found guilty of providing false information to purchase a firearm and could face up to 25 years in prison.
In the midst of these developments, the Doland Tremp (TREMP) token, a Solana memecoin inspired by Biden’s political opponent Donald Trump, saw a decline of over 12% to $0.93.
The drop in prices coincided with a broader market downturn, with popular meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) experiencing losses of 5% or more. Pepe (PEPE) was the only major memecoin to see a slight increase of over 5.5%.
Bitcoin (BTC) and Ether (ETH) also faced drops of 3% and 4.5% respectively, with BTC trading at $67,395 and ETH at $3,503, according to Cointelegraph Markets Pro.
Furthermore, leaked information revealed a celebrity price list for the Caitlyn Jenner meme coin ‘mastermind’.