Meme coin traders jumped on the new SBF Meme coin after FTX founder was sentenced to 25 years in prison.

Meme coin traders took advantage of FTX founder Sam Bankman-Fried’s sentencing to make big profits with the newly released Meme coin.

U.S. Judge Lewis Kaplan sentenced SBF to 25 years in prison after a jury found him guilty on seven counts of fraud and conspiracy.

Judge Kaplan: The court’s ruling is to sentence him to a total of 300 months (25 years), including 240 months followed by 60 consecutive months.

— Inner City Press (@innercitypress) March 28, 2024

This historic ruling for the cryptocurrency community opens the door for developers to launch new meme coins. One such meme coin is the Sam Baseman Fraud named $FTX, which was released hours before the sentencing.

According to data from DexScreener, $FTX has gained over 7,000% in the last 24 hours. However, it fell 47% in just 6 hours and its current market cap is $319,000.

Shortly after SBF’s sentencing, another meme coin, Som Bonkmon Fraud, was launched on Solana. Its market capitalization jumped to around $20 million, but has since fallen to its current $446,000.

The token, which trades under the ticker $SBF, has fallen 91% in the past 24 hours as selling pressure from profit takers increases.

Meme Coin Mania

The meme coin trend is back. Many of the highly speculative tokens have hit all-time highs in the ongoing bull market.

Over the past 24 hours, the total market capitalization of meme coins has increased significantly and currently stands at $67 billion.

At less than four months old, Dogwifhat (WIF) has surged in market capitalization to $3.6 billion, making it the third-largest meme coin.

Other companies such as PEPE, BOME, BONK, and FLOKI also broke record highs.

SMOG, the Solana-based meme coin, will soon debut on a centralized exchange, and the team says this will be a groundbreaking event. As seen with $BOME, meme coins tend to profit after being listed on exchanges.

According to CoinGecko, SMOG has a monthly gain of 239%.

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