The son of U.S. president Joe Biden,Hunter Biden, has been found guilty on three counts related to gun charges—and in the hours that followed, Biden-related meme coins have soared in price.
Jeo Boden, an intentionally misspelledJoe Bidenmeme coin on Solana, jumped 9% in the hour that followed the guilty verdict, though its 24-hour trend is negative due to earlier losses during the span—it’s down by 6% since this time yesterday at a current price above $0.18.
Hunter wasfound guilty on three countsrelating to the purchase of a firearm in 2018. A jury decided that he lied about being a drug user when filling out the forms, which led to him being found guilty ofthree feloniesin connection to the incident.
When his conviction was read out, the meme coin Hunter Boden (HUNTBODEN)—similarly an intentionally misspelled meme coin—spiked by 116% in less than 30 minutes, according to CoinGecko. This spike was short-lived, but even with a sizable dip, the token is up 30% on the day at a price of nearly $0.0015.
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That said, Hunter Boden has a tiny market capitalization of $1.6 million, according toDEX Screener, with only 862 unique wallets trading the token. Coins this small are more sensitive to volatility and should always be traded with care.
Interestingly, this is the opposite reaction that Donald Trump tokens had following theformer president being found guiltyfor 34 felony charges. In reaction to the news in late May, TRUMP fell 25%, MAGA Hat (MAGA) slipped 16%, while Super Trump (STRUMP) also dropped 16%. But TRUMP and other tokens soon spiked in price after that initial dip.
Following Hunter Biden’s guilty verdict Tuesday, meme coin Doland Tremp (TREMP) dropped 7%.On that note, Polymarket odds suggest betters believe that Joe Biden is 1% more likely to win the 2024 presidential election following Hunter Biden’s conviction.
The blockchain platform’s revenue declined during the first half of 2024, and its head ambassador has called for its token’s inflation rate to be lowered.
The following is a guest post by Phillip Alexeev, Chief Growth Officer at CrossFi.
Over the centuries, the evolution of currency has defined the human experience.