On Tuesday, Hunter Biden, the eldest son of US President Joe Biden, was found guilty of several felony charges related to gun possession. This high-profile case has had far-reaching effects, notably causing significant fluctuations in Biden-themed meme coins.
Hunter Biden’s case’s legal and financial aftermath illustrates the intricate connection between real-world events and meme coin markets. As the Biden family prepares for the next steps in the legal process, with no sentencing date yet set, the trajectory of Biden-related meme coins will likely continue to be erratic.
Jeo Boden (BODEN) Meme Coin Surges
Hunter was convicted on three felony counts for purchasing a handgun while struggling with crack cocaine addiction. The guilty verdict came after about three hours of deliberations, concluding a trial filled with testimony from close relatives. During this ordeal, Hunter chose not to testify in his own defense.
“I will accept the outcome of this case and will continue to respect the judicial process as Hunter considers an appeal. Jill and I will always be there for Hunter and the rest of our family with our love and support,” Joe Biden said.
Consequently, the verdict triggered a fierce response in the crypto markets. Two meme coins, Jeo Boden (BODEN) and Hunter Boden (HUNTBODEN), named in playful misspellings of the Biden name, experienced dramatic price swings. BODEN surged by 44% before settling at a 27% gain.
Read more: What Are Meme Coins?
Simultaneously, HUNTBODEN skyrocketed over 100% but then plunged more than 50%. These fluctuations are typical of meme coins, which often respond sharply to news events. They are highly speculative and sensitive to shifts in public sentiment.
Particularly, HUNTBODEN showcases the volatile nature of such investments with its micro market cap of $469,000 and a limited number of holders totaling 4,290.
Interestingly, this incident contrasts sharply with the reaction to Donald Trump-themed meme coins when the former president was found guilty on multiple charges. Post-verdict, tokens such as MAGA (TRUMP) dropped significantly by over 18%. This difference highlights the unpredictable impact of political events on related digital assets.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Given their instability, these digital assets require investors to exercise caution and vigilance.
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