Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Political memecoins broadly sell off even as ‘Hunter Boden’ spikes after guilty verdict

Political memecoins broadly sell off even as ‘Hunter Boden’ spikes after guilty verdict

The BlockThe Block2024/06/11 20:01
By:Jason Shubnell

The Political Finance (PolitiFi) memecoin market cap has decreased by over 13% in the past 24 hours.A Solana-based token named after Hunter Biden witnessed a large spike shortly after the president’s son was found guilty on gun charges.

A sector of memecoins centered around U.S. President Joe Biden and Republican frontrunner Donald Trump is suffering a bigger selloff than the broader crypto market.

The Political Finance (PolitiFi) memecoin market cap has decreased by over 13% in the past 24 hours, according to CoinGecko. Meanwhile, the price of bitcoin has dropped about 4% over the same timeframe, while Ethereum is down 5.4%, according to The Block's crypto price data .

The FreeTrump token ($TRUMP) led the fall, down 45% over the past 24 hours. MAGA (TRUMP), the largest PolitiFi coin by market cap ($560 million), is down 13%. These tokens have no official affiliation with any political figures.

A federal jury found Hunter Biden guilty on three federal felony gun charges, concluding that he violated laws meant to prevent drug addicts from owning firearms. This marks the first time a sitting president's son has been found guilty of a crime while his father is in office, according to CNN .
 
Around the same time the guilty verdict was announced Wednesday, the Solana-based Hunter Boden token (HUNTERBODEN) witnessed a large spike, up more than 30% over the past 24 hours to $0.001514 at publication time.

One of the more popular memcoins of 2024, Jeo Boden (BODEN), was down 5.5% to $0.1855.

The broader equity market faced selling pressure going into  Wednesday's double-dose of macroeconomic  releases: the monthly Consumer Price Index report and a Federal Reserve monetary policy announcement. Expectations have diminished in recent weeks regarding the possibility of the Fed cutting interest rates.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!