If you are sentenced to 25 years in prison announced today Disgraced FTX founder Sam Bankman-Fried shocked everyone. Here’s a related development that won’t surprise anyone. Degens whipped up several meme coins to ride the news, in some cases soaring more than 30,000% before plummeting in value. Back to worthlessness.
At the base of the Ethereum scaling network, some intrepid cryptocurrency users have created a meme coin. “Sam Baseman Fraud” Around 6 a.m. ET, hours before Bankman-Fried’s sentencing hearing was scheduled to begin. Immediately after the hearing ended and by 1pm, the token (FTX) had surged nearly 35,000% to a price of just over 1 cent.
It collapsed a few minutes later. At the time of writing, the token is worth less than four-tenths of a penny and continues to decline. However, it is still up over 9,500% since its creation.
However, this volatility did not prevent the emergence of degens. Of course not. According to DexScreener, “Sam Baseman Fraud” has already seen over $3.4 million in volume today. It still has a market capitalization of $400,000 and $80,000 worth of liquidity. But that amount has been decreasing in recent hours as the novelty wears off.
Meanwhile, in Solana, an almost identical but slightly more creative token—“Like the Bonkmon scam” (SBF)—We went through almost the same cycle, although the timing was slightly different.
The Solana SBF token, created yesterday, soared about 15,000% last night. The streak continued throughout the night, minutes before Bankman-Fried’s sentencing hearing was to begin. But at that point the penny started to plummet. It started to fall from less than a cent to less than nine-hundredths of a cent. It’s down over 90% in the last 24 hours.
For some reason, perhaps the current Meme Coin Frenzy From Solana, perhaps a cheeky nod to the meme coin sensation. Bonkor maybe Solana-SBF Connection—“Som Bonkman Fraud” recorded a whopping $24 million in trading volume in the last day. The token maintains a pegged liquidity of $146,000 and currently has a market cap of $675,000.
Today’s SBF token is scarcely that much first Leveraging major news events to raise millions of dollars worth of capital out of thin air. These tokens rarely bring a happy ending to their holders. they routinely “pulled the rug out” It is done by anonymous creators who withdraw liquidity and leave investors holding the bag.
Editor: Andrew Hayward
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The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
