Biden-Themed Cryptocurrencies See Brief Surge Following Hunter Biden Conviction
Summary:
Following the guilty sentencing of US President Biden's son, Hunter Biden, on firearm-related charges, Solana-based cryptocurrencies linked to the Biden family saw a brief increase in value before sharply declining again. These include tokens named Jeo Boden, Hunter Boden, and Jill Boden, which tracked the president, his son and the First Lady respectively. Amidst these fluctuations, the wider cryptocurrency market, including well-known meme tokens and industry leaders Bitcoin and Ether, witnessed a downturn.
Following the sentencing of US President Joe Biden's son, Hunter Biden, on three offences linked to a federal firearms case, some Solana-based cryptocurrency tokens associated with the president had a brief surge before losing their value again. One of these tokens named Jeo Boden (BODEN), a purposeful misspelling of the president's name, witnessed an increase of 26% going to an almost $0.20 24-hour peak within five hours of Hunter's conviction on June 11, as per data obtained from CoinGecko. Similarly, the token named Hunter Boden (HUNTBODEN) experienced a 116% rise, hitting a daily maximum of $0.0022, but the Jill Boden (JILLBODEN) token tailored around the First Lady steeply declined by 9%.
However, the short-lived excitement ceased with BODEN and HUNTBODEN depreciating by 6% and nearly 54% respectively in the past 24 hours while JILLBODEN suffered a 14.7% loss. According to the GeckoTerminal, HUNTBODEN's market capitalization is substantially lower, under $583,000, compared to BODEN's which is over $124.6 million. Hunter Biden, who is battling crack cocaine addiction, was convicted for falsifying information to purchase a Colt revolver in 2018, stating that he was not a drug user, and retained the firearm for 11 days. He potentially faces a prison term of up to 25 years.
In the meantime, the Doland Tremp (TREMP) token, a misspelled version of Biden's political adversary Donald Trump's name, experienced over a 12% fall in value, going down to $0.93. These value drops happened amidst a more significant market slump. Top meme-based cryptocurrencies Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) witnessed drops of 5% or more in the last 24 hours, with only Pepe (PEPE) registering a slight rise of over 5.5%. Bitcoin (BTC) and Ether (ETH) also experienced drops of 3% and 4.5% respectively — Bitcoin is now valued at $67,395 while ETH stands at $3,503 as per Cointelegraph Markets Pro.
Published At
6/12/2024 3:49:22 AM
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