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HomeCryptoAltcoinsSBF Meme Cash Pump 300x, Then Crash After Sentencing

SBF Meme Cash Pump 300x, Then Crash After Sentencing

If the 25 12 months jail sentence introduced at present for disgraced FTX founder Sam Bankman-Fried got here as a shock to any, right here’s a associated improvement that may absolutely shock nobody: Degens churned up a number of meme cash to piggyback on the information, which in some instances surged over 30,000% in worth earlier than plummeting again to worthlessness.

On Ethereum scaling community Base, some intrepid crypto person created a meme coin referred to as “Sam Baseman Fraud” round 6:00 am ET, hours earlier than Bankman-Fried’s sentencing listening to was set to start. By 1 pm, simply after the listening to concluded, the token (FTX) had spiked practically 35,000% to a worth of simply over one cent.

Minutes later, it collapsed. At writing, the token is price much less about 4/10ths of a penny, and continues to pattern downwards—although since creation, it’s nonetheless up over 9,500%.

That volatility hasn’t stopped degens from aping in, nonetheless. In fact not. “Sam Baseman Fraud” has already seen over $3.4 million price of buying and selling quantity at present, in accordance with DexScreener. It nonetheless retains a market capitalization of $400,000, and $80,000 price of liquidity—although that quantity has been lowering in current hours because the novelty apparently fades.

In the meantime, on Solana, a near-identical, although marginally extra inventive token—“Som Bonkmon Fraud” (SBF)—lived via nearly the very same cycle, albeit with barely completely different timing.

Created yesterday, the Solana SBF token spiked some 15,000% yesterday night. That streak continued in a single day into the minutes earlier than Bankman-Fried’s sentencing listening to started. At that time, although, the coin began tanking—falling from simply shy of a penny to beneath 9/100ths of a cent at writing. It’s now down over 90% within the final 24 hours.

For some motive—maybe the continued meme coin frenzy on Solana, maybe the cheeky allusion to meme coin sensation BONK, or maybe the Solana-SBF connection—”Som Bonkman Fraud” has seen an enormous $24 million in buying and selling quantity over the past day. The token retains $146,000 in locked liquidity, and—for the time being—is posting a $675,000 market cap.

Immediately’s SBF tokens are hardly the first to capitalize on a serious information occasion to spin up hundreds of thousands of {dollars} price of capital out of nothing. Such tokens hardly ever end in completely satisfied endings for holders: They’re routinely “rug-pulled” by their nameless creators, who withdraw liquidity and go away traders holding the bag.

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the creator are for informational functions solely and don’t represent monetary, funding, or different recommendation.

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