Meme Coin Traders Jump on New SBF Meme Coins As FTX Founder Gets 25-Year Prison Sentence

Updated: 29 March 2024

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Meme coin traders reaped big from newly launched meme coins capitalizing on the sentencing of FTX Founder, Sam Bankman-Fried.

US Judge Lewis Kaplan sentenced SBF to 25 years in prison after a jury found him guilty on seven counts of fraud and conspiracy.

Judge Kaplan: It is the judgment of the court that you are sentenced to 240 months then consecutive 60 [etc] for a total of 300 months [25 years]
— Inner City Press (@innercitypress) March 28, 2024

The sentencing, which is historic for the crypto community, presented a leeway for developers to launch new meme coins. One such meme coin is Sam Baseman Fraud under the ticker $FTX, which launched hours before the sentencing.

Data from DexScreener shows that $FTX is holding gains of over 7,000% in the last 24 hours. However, in just six hours, it has dropped by 47%, with its market capitalization currently at $319,000.

Shortly after SBF’s sentencing, another meme coin, Som Bonkmon Fraud, launched on Solana. It jumped to a market capitalization of around $20 million, but this has since dropped to the current $446,000.

The token, trading under the ticker $SBF, has dropped by 91% in the last 24 hours amid increased selling pressure from profit takers.

Meme Coin Mania

The meme coin trend is back, with many of these highly speculative tokens jumping to record highs in the ongoing bull market.

In the last 24 hours, meme coins have posted a notable increase in total market capitalization, which now stands at $67 billion.

Dogwifhat (WIF), which is barely four months old, has seen its market cap pump to $3.6 billion, making it the third-largest meme coin.

Others like PEPE, BOME, BONK, and FLOKI have also rallied to record highs.

SMOG, a Solana-based meme coin is set to debut on centralized exchanges soon, with the team saying it will be a landmark event. As seen with $BOME, meme coins tend to post gains after exchange listings.

According to CoinGecko, SMOG is sitting at 239% monthly gains.