On Tuesday, Hunter Biden, President Joe Biden's eldest son, was found guilty on several felonies related to gun possession. This high-profile incident had far-reaching implications, especially causing major swings in Biden-themed meme coins.
The legal and financial fallout of the Hunter Biden case illustrates the complex connection between real-life events and the meme coin market. With no sentencing date yet set, the trajectory of Biden-related meme coins will likely continue to be erratic as the Biden family prepares for the next phase of the legal process.
Zeo Boden (BODEN) meme coin surges
Hunter was convicted of three felonies for purchasing a handgun while struggling with a crack cocaine addiction. The guilty verdict was reached after about three hours of deliberation, concluding a trial filled with testimony from close relatives. During this ordeal, Hunter decided not to testify in his own defense.
“I accept the outcome of this case and will continue to respect the judicial process while Hunter considers his appeal. Jill and I will always be there with love and support for Hunter and the rest of the family,” Joe Biden said.
As a result, this ruling sparked a fierce reaction in the cryptocurrency market. The prices of Joe Borden (BODEN) and Hunter Borden (HUNTBODEN) , meme coins created by playfully changing the spelling of Biden's name, have plummeted. BODEN surged 44% before stabilizing at a 27% gain.
Read more: What is a meme coin ?
At the same time, Huntboden soared more than 100% and then plummeted more than 50%. These fluctuations are typical of meme coins reacting rapidly to news events. Meme coins are highly speculative and sensitive to changes in public sentiment.
Huntboden in particular has a market capitalization of just $469,000 and a total of 4,290 holders, highlighting how volatile these investments can be.
Interestingly, this incident stands in stark contrast to the reaction to the Donald Trump-themed meme coin when former President Donald Trump was found guilty on multiple charges. Following the ruling, tokens such as MAGA (TRUMP) fell significantly by more than 18%. These differences demonstrate the unpredictable impact political events can have on related digital assets.
Read more: 7 Popular Meme Coins and Altcoins That Will Be Trending in 2024
These digital assets require investor caution and vigilance given their instability.
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