Author: Jesse Coghlan, CoinTelegraph; Translated by: Baishui, Golden Finance
The Biden-themed Solana memecoin briefly surged after Hunter Biden, son of U.S. President Joe Biden, was convicted on three federal gun counts before falling again.
CoinGecko data shows that within five hours of a Delaware federal court jury finding his son guilty on June 11, Jeo Boden (BODEN), a deliberately misspelled presidential token, rose 26% to a 24-hour high of nearly $0.20.
Around the same time, Hunter Boden (HUNTBODEN) tokens surged 116% to a daily high of $0.0022 (less than a penny), while the First Lady-themed Jill Boden (JILLBODEN) plunged 9%, according to CoinGecko.
The gains failed to last, with BODEN and HUNTBODEN falling 6% and nearly 54%, respectively, and JILLBODEN falling 14.7%, over the past 24 hours.
BODEN 24-hour price chart shows price increases before and after Hunter Biden's conviction. Source: CoinGecko
According to GeckoTerminal data, the HUNTBODEN token has a much smaller market cap of less than $583,000 compared to BODEN’s market cap of over $124.6 million.
Hunter Biden, a recovering cocaine addict, was found guilty of lying on a form to buy a Colt revolver in 2018 that he was not a drug user and claiming it was true. The third charge was possession of a firearm for 11 days.
He now faces up to 25 years in prison.
Meanwhile, Doland Tremp (TREMP) — the intentionally misspelled Solana memecoin representing President Biden’s political rival, Donald Trump — is down more than 12% on the day, to $0.93.
Their price declines came amid a broader market downturn. Top meme tokens Dogecoin, Shiba Inu and Dogwifhat (WIF) have all seen losses of 5% or more over the past day, while Pepe was the only major memecoin to see a small gain of more than 5.5%.
Bitcoin and Ethereum have fallen 3% and 4.5% respectively over the past day — the top cryptocurrency is trading at $67,395, while ETH is trading at $3,503.
