Biden-themed Solana memes rose briefly, then fell back after U.S. President Joe Biden’s son, Hunter Biden, was convicted on three counts in a federal weapons case.
Jeo Boden (BODEN) – a token intentionally misspelled in reference to the president – surged 26% to a 24-hour high of nearly $0.20 in the five hours after his son was convicted by a jury in federal court in Delaware on June 11. , data from CoinGecko shows.
Around the same time, the Hunter Boden token (HUNTBODEN) surged 116% to a daily high of $0.0022 – a fraction of a cent – while the First Lady’s Jill Boden token (JILLBODEN) fell sharply by 9%, according to CoinGecko.
The rally did not last, with BODEN and HUNTBODEN shares falling 6% and approximately 54%, respectively, in the past 24 hours, and JILLBODEN shares falling 14.7%.
The HUNTBODEN token has a much smaller market capitalization, less than $583,000, compared to over $124.6 million for BODEN, according to GeckoTerminal.
Hunter Biden, a recovering cocaine addict, was convicted of lying on a Colt handgun purchase form in 2018, stating he was not a drug user and saying it was true . The third charge related to possessing the weapon for 11 days.
He now faces a maximum sentence of 25 years in prison.
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Meanwhile, the price of Doland Tremp (TREMP) – the intentionally misspelled Solana memecoin dedicated to President Biden’s political rival Donald Trump – fell more than 12% on the day to $0.93.
Their falling prices are accompanied by a broader market decline. Major tokens Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have seen declines of 5% or more over the past day, with Pepe (PEPE) the only major coin to see slight gains of more than 5.5%.
Bitcoin (BTC) and Ethereum (ETH) also saw declines of 3% and 4.5% respectively over the past day – with the most traded cryptocurrency sitting at $67,395 while Ethereum sits at 3,503 $, according to Cointelegraph Markets Pro.
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