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Home»ADOPTION NEWS»Political meme coins widely sold despite ‘Hunter Boden’ surge after conviction
ADOPTION NEWS

Political meme coins widely sold despite ‘Hunter Boden’ surge after conviction

By Crypto FlexsJune 12, 20243 Mins Read
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Political meme coins widely sold despite ‘Hunter Boden’ surge after conviction
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Stocks • June 11, 2024 3:52 PM EDT

Posted 1 minute ago In ~

The memecoin sector, led by US President Joe Biden and Republican frontrunner Donald Trump, is experiencing a bigger sell-off than the broader cryptocurrency market.

According to CoinGecko, the PolitiFi memecoin market capitalization has decreased by more than 13% in the last 24 hours. Meanwhile, Bitcoin prices fell about 4% over the same period, while Ethereum fell 5.4%, according to cryptocurrency price data from The Block.

The FreeTrump token ($TRUMP) led the decline, down 45% in the last 24 hours. MAGA (TRUMP), the largest PolitiFi coin by market cap ($560 million), fell 13%. This token has no official affiliation with any politician.

A federal jury found Hunter Biden guilty on three federal felony gun charges and concluded that he violated a law meant to prevent drug addicts from owning guns. According to CNN, this is the first time that the son of a sitting president has been convicted of a crime while his father was in office.

Around the same time that the guilty verdict was announced on Wednesday, the Solana-based Hunter Boden token (HUNTERBODEN) saw a significant surge to $0.001514, up more than 30% in the past 24 hours at the time of the announcement.

Jeo Boden (BODEN), one of the most popular Memcoins of 2024, fell 5.5% to $0.1855.

Broader stock markets faced selling pressure from Wednesday’s double macroeconomic announcements: the monthly consumer price index report and the Federal Reserve’s monetary policy announcement. In recent weeks, expectations about the possibility of the Federal Reserve cutting interest rates have diminished.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Jason is the U.S. news editor at The Block. He previously worked as a staff writer and later as editor-in-chief at Benzinga, a financial news and data company. He led the expansion of Benzinga’s daily market coverage as well as the outlet’s cannabis, cryptocurrency and sports betting verticals. He holds a bachelor’s degree in journalism from Central Michigan University and lives in suburban Detroit, Michigan. X Follow him at @JasonShubnell

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