The Biden-themed Solana memecoin briefly soared before falling again after US President Joe Biden’s son Hunter Biden was found guilty on three charges in a federal shooting case.
Jeo Boden (BODEN), an intentionally misspelled token referring to the president, surged 26% to a 24-hour high of nearly $0.20 five hours after a Delaware federal court jury found his son guilty on June 11. CoinGecko data shows that they did.
During the same time, the Hunter Boden (HUNTBODEN) token rose 116% to a daily high of $0.0022 (less than a cent), while the first lady-themed Jill Boden (JILLBODEN) plunged 9%, according to CoinGecko.
The rally did not last, with BODEN and HUNTBODEN down 6% and almost 54% respectively in the last 24 hours, and JILLBODEN down 14.7%.
According to GeckoTerminal, the market capitalization of HUNTBODEN tokens is considerably smaller at less than $583,000 compared to BODEN which is over $124.6 million.
Hunter Biden, who is recovering from a crack cocaine addiction, was found guilty in 2018 of lying on a Colt revolver purchase form by saying he was not a drug user and declaring that to be true. The third charge was that he kept the gun for 11 days.
He currently faces up to 25 years in prison.
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Meanwhile, Doland Tremp (TREMP), a Solana memecoin intentionally misspelled for President Biden’s political rival Donald Trump, fell more than 12% on the day to $0.93.
The price decline comes alongside a broader market downturn. Top meme tokens Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) are down more than 5% over the past day, while Pepe (PEPE) is the only major meme coin to show a slight rise of more than 5.5%.
Bitcoin (BTC) and Ethereum (ETH) also fell 3% and 4.5%, respectively, on the last day, according to Cointelegraph Markets Pro. The top cryptocurrency is trading at $67,395, while ETH is trading at $3,503.
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