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

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The 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.

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.

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