In a surprising twist, Solana-based Biden-themed memecoins experienced a brief surge before sharply declining following the guilty verdict of United States President Joe Biden’s son, Hunter Biden, on three federal gun charges. These memecoins, created as playful and often satirical tokens, saw rapid price fluctuations in the hours following the news.
Price Movements of Biden-Themed Memecoins
On June 11, after a Delaware federal court jury convicted Hunter Biden, Jeo Boden (BODEN) — a token deliberately misspelled to reference the President — spiked by 26%, reaching a 24-hour high of nearly $0.20, as reported by CoinGecko. Similarly, another token, Hunter Boden (HUNTBODEN), surged by 116%, hitting a daily peak of $0.0022, which remains a fraction of a cent. In contrast, Jill Boden (JILLBODEN), themed after the First Lady, saw a 9% dip during the same period.
| Token | Daily High | Percentage Change | Current Price (24h) |
|---|---|---|---|
| BODEN | $0.20 | +26% | -6% |
| HUNTBODEN | $0.0022 | +116% | -54% |
| JILLBODEN | Not specified | -9% | -14.7% |
Despite the initial rally, the gains were short-lived. By the next day, BODEN and HUNTBODEN had dropped by 6% and nearly 54%, respectively, while JILLBODEN continued its decline, falling by 14.7%.
Market Capitalization and Token Dynamics
The differing market capitalizations of these tokens provide some context to their price movements. BODEN has a market capitalization exceeding $124.6 million, making it the most prominent among the Biden-themed tokens. On the other hand, HUNTBODEN’s market cap is significantly lower, valued under $583,000, according to GeckoTerminal. This disparity in market capitalization likely contributes to the more volatile price swings observed in HUNTBODEN.
| Token | Market Capitalization |
|---|---|
| BODEN | $124.6 million |
| HUNTBODEN | $583,000 |
The legal troubles of Hunter Biden, a recovering crack cocaine addict, have been a point of media focus. He was found guilty of lying on a form to purchase a Colt revolver in 2018, falsely declaring that he was not a drug user. Additionally, he was convicted of possessing the gun for 11 days despite the false claim. These charges carry severe penalties, with Hunter Biden potentially facing up to 25 years in prison.
The impact of Hunter Biden’s verdict extended beyond Biden-themed tokens. Doland Tremp (TREMP), a Solana memecoin created in reference to President Biden’s political rival Donald Trump, experienced a decline of over 12% on the same day, dropping to $0.93. This decline occurred amidst a broader market downturn affecting major cryptocurrencies and memecoins alike.
Performance of Major Memecoins and Cryptocurrencies
During the same period, leading memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) all saw declines exceeding 5%. Pepe (PEPE) was the exception, posting a slight gain of over 5.5%. This mixed performance among memecoins coincided with drops in major cryptocurrencies. Bitcoin (BTC) fell by 3%, trading at $67,395, while Ether (ETH) declined by 4.5%, sitting at $3,503, according to Cointelegraph Markets Pro.
| Asset | Price Change (24h) | Current Price |
|---|---|---|
| Dogecoin | -5% | $0.14 |
| Shiba Inu | -5% | $0.000022 |
| Dogwifhat | -5% | Not specified |
| Pepe | +5.5% | $0.000013 |
| Bitcoin | -3% | $67,395 |
| Ether | -4.5% | $3,503 |
The volatile price actions of memecoins in response to news events highlight the speculative nature of these assets. Memecoins often react swiftly to external factors, including political events and celebrity news. The case of Biden-themed tokens demonstrates how sentiment and speculation can drive short-term price movements in these assets.
While these tokens are typically seen as more whimsical and less serious investments, their rapid price changes can provide opportunities for speculative traders. However, the high volatility also underscores the risks associated with investing in memecoins, which can see significant price fluctuations within short periods.
The brief surge in Biden-themed Solana memecoins following Hunter Biden’s guilty verdict exemplifies the erratic and speculative nature of the memecoin market. As the broader crypto market faced a downturn, the rapid rise and fall of these tokens highlight the influence of news and events on their performance. Investors in these markets must navigate these dynamics carefully, balancing the potential for high returns with the inherent risks of volatility and speculation.
Featured image credit: Karin chantanaprayura via Vecteezy