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- Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in jail for fraud.
- Memecoins like Sam Baseman Fraud mirror the development of topical-themed tokens.
In a major improvement, former FTX CEO Sam Bankman-Fried has been sentenced to 25 years in jail for fraud, marking a historic second for the market. Amidst this turmoil, a memecoin named Sam Baseman Fraud, with the ticker FTX, was launched on the Coinbase layer-2 community Base simply hours earlier than the sentencing.
Moreover, knowledge from DexScreener famous that, in simply seven hours, the FTX memecoin surged over 23,300%, hitting a $1.5 million peak market cap on the twenty eighth of March. Nevertheless, typical of many memecoins, it swiftly dropped by over 85% inside three hours.
Remarking on the identical, @CryptoPatel a technical analyst, highlighted,
“Following the misuse of billions, each FTX and Alameda Analysis crumbled, marking one of the dramatic collapses in crypto historical past.”
The emergence of SBF memecoin
Shortly after the sentencing, one other SBF-themed memecoin, Som Bonkmon Fraud, emerged on Solana [SOL]. It surged to a $20 million market cap, up 18,000% from its $30,000 launch worth, however then plummeted by over 95%.
At the moment buying and selling round $0.0008, barely above the coin’s preliminary itemizing value.
Mocking on the situation, @CryptoRand famous,
“Information when #SBF is launched in 2049:
– $BTC mining reward shall be 0,04882812
– He would have missed at the least one other 6 Bull markets
– The #BTC whitepaper can be 40 years outdated
– SBF would have eaten 54,750 cucumbers in jail
– $ETH fuel charges will nonetheless be $13725 per TX”
Solana’s memecoin surge
The rise of Bankman-Fried themed memecoins mirrors the development of topical memecoins impressed by crypto and political figures, like Boden and Tremp, tapping into the US election hype.
The development gained momentum with Solana’s Canine Wif Hat (WIF), hovering from $50,000 to $3.5 billion in 4 months.
All this has resulted in Solana’s memecoin surge, pushed by its low charges and excessive throughput. This resulted in its Complete Worth Locked (TVL) exceeding $4.5 billion, rivaling Ethereum’s meme coin dominance.
Briefly, memecoins like Bankman-Fried-themed tokens thrive on hype quite than actual worth. Due to this fact, because the memecoin craze persists, traders should proceed with warning and consider fundamentals earlier than diving into these speculative belongings.
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