- SBF meme coins have showcased the biggest volatility this week.
- The volatility fueled up to 35,000% gains in tokens like Sam Baseman Fraud.
Meme coins associated with Sam Bankman-Fried (SBF), co-founder of the defunct FTX crypto exchange, recently experienced a rollercoaster movement upon news of his sentencing.
The Unfolding Drama Surrounding SBF Meme Coins
The multiple SBF meme coins created by Degens to capitalize on the news of SBF’s 25-year prison sentence surged over 300 times before becoming worthless.
For instance, data from the crypto analytical tool DexScreener shows that a meme coin called “Sam Baseman Fraud” created by a crypto user around 6:00 am ET, hours before SBF’s sentence hearing was scheduled to begin, climbed nearly 35,000% to a price of over one cent by 1 pm, moments after the hearing concluded.
However, the meme coin later plummeted. As of the time of writing, the meme coin is trading at $0.001518, though it has still increased by more than 9,500% since its launch. Despite the volatility, “Sam Baseman Fraud” has recorded $4 million trading volume from 9,638 transactions today. Concurrently, the market capitalization of the meme coin dropped sharply from $400,000 to $123,000, and its liquidity dropped from $80,000 to $46,000.
A similar scenario was also observed for the “Som Bonkman Fraud” meme coin created on Solana. The Solana SBF meme coin developed on Wednesday saw a 15,000% increase on Thursday evening. That pattern persisted through the night and into the minutes leading up to Bankman-Fried’s sentence hearing. However, the coin began to lose value at that moment, dropping from just under a penny to less than nine-hundredths of a cent.
“Som Bonkman Fraud” has witnessed an enormous $24 million in trading activity over the last day, probably due to the ongoing meme coin frenzy on Solana, the playful reference to meme coin sensation BONK, or the relationship between Solana and SBF.
Notably, the SBF meme coin rollercoaster ride comes on the heels of recent claims from a group of FTX clients to pursue hundreds of millions of dollars from the firm. Per Crypto News Flash’s earlier announcement, these claims are linked to three digital tokens known as ‘Sam Coins’, linked to Bankman-Fried.
Bankman-Fried to Serve 25 Years in Prison
Bankman-Fried’s story is one of grace to grass, previously referred to as the crypto king, the co-founder, who was found guilty of fraud and conspiracy in November 2023 has been officially sentenced to 25 years in prison by U.S. District Judge Lewis A. Kaplan.
Recalling Crypto News Flash’s previous disclosures, the court filing reveals that SBF misused billions of dollars in customer deposits. He allegedly duped FTX investors of $1.7 billion and Alameda Research lenders of $1.3 billion. As indicated by the court, SBF took more than $8 billion from its customers, making it one of the greatest financial frauds in history.
