- Sam Bankman Fried, the former CEO of FTX was jailed 25 years for fraud.
- Memecoins such as Sam Baseman Fraud are a good example of the current trend in topical tokens.
The market has experienced a major development with the sentence of former FTX Chief Executive Sam Bankman Fried to 25 years for fraud. Just hours before this sentencing, Coinbase’s layer-2 Base network launched a memecoin with the name Sam Baseman Fraud and the ticker “FTX”.
DexScreener also noted that in only seven hours the FTX coin surged more than 23,300%. The coin reached a market cap of $1.5M on the 28th March. Like many memecoins it dropped rapidly by over 85% in three hours.
Commenting on it, @CryptoPatel Highlighting a Technical Analyst
“Following the misuse of billions, both FTX and Alameda Research crumbled, marking one of the most dramatic collapses in crypto history.”
SBF Memecoin: The rise of a new memecoin
Som Bonkmon Fraud appeared on the internet shortly after sentencing. Solana [SOL]. It soared to $20m in market value from the $30,000 it was launched at, then dropped by more than 95%.
The coin is currently trading at $0.0008, a little above its initial listing price.
Enjoying the mockery of the scenario @CryptoRand noted,
“Facts when #SBF is released in 2049:
– $BTC mining reward will be 0,04882812
– He would have missed at least another 6 Bull markets
– The #BTC whitepaper would be 40 years old
– SBF would have eaten 54,750 cucumbers in jail
– $ETH gas fees will still be $13725 per TX”
Solana’s Memecoin Surge
Bankman-Fried memecoins are a continuation of the rise in topical memecoins, such as Boden and Tremp that were inspired by political and crypto figures.
Solana’s Dog Wif Hat grew from $50,000 to $3,5 billion within four months.
Solana has seen a surge in its memecoin, largely due to the low fees it charges and high speed of throughput. The Total Value Locked of Solana’s Memecoin (TVL), which rivaled Ethereum meme coin dominance, was $4.5 Billion.
Memecoins such as Bankman-Fried themed tokens are based on hype, not real value. Investors should proceed cautiously and carefully evaluate the fundamentals of these assets before investing.
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Source: ambcrypto.com