Following the guilty verdict of United States President Joe Biden’s son, Hunter Biden, in a federal gun case, Solana memecoins inspired by the Biden family experienced a brief surge before plummeting once again.
Jeo Boden (BODEN), a token intentionally spelled incorrectly to reference the president, saw a 26% increase to reach a high of almost $0.20 within five hours of the court ruling on June 11, as per CoinGecko data. Concurrently, the Hunter Boden (HUNTBODEN) token surged by 116% to reach a high of $0.0022, while the Jill Boden (JILLBODEN) token, inspired by the First Lady, dropped by 9%.
However, the rally was short-lived, and both BODEN and HUNTBODEN experienced declines of 6% and nearly 54% respectively in the following 24 hours, with JILLBODEN falling by 14.7%.
Despite the fluctuations, the HUNTBODEN token has a market capitalization of under $583,000, significantly lower than BODEN’s over $124.6 million, according to GeckoTerminal.
Hunter Biden, who has struggled with addiction in the past, was found guilty of providing false information on a form to purchase a firearm in 2018. He now faces a maximum sentence of 25 years in prison.
On the other hand, the Doland Tremp (TREMP) memecoin, representing President Biden’s political rival, Donald Trump, saw a decrease of over 12% to $0.93 on the same day.
These price fluctuations occurred amidst a broader market downturn, with popular meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) experiencing drops of 5% or more. Pepe (PEPE) was the only major memecoin to see a slight increase of over 5.5%.
Additionally, Bitcoin (BTC) and Ether (ETH) also saw drops of 3% and 4.5% respectively, with BTC trading at $67,395 and ETH at $3,503, according to Cointelegraph Markets Pro.