BODEN increased after Hunter Biden conviction

After US President Joe Biden’s son Hunter Biden was found at fault, memecoins referring to the Biden family experienced a short-term rise. This development created a remarkable movement in the crypto market. Hunter Biden was convicted in 2018 for falsely stating that he was not a drug user when purchasing a gun. This conviction caused a sudden increase in the value of memecoins referencing the Biden family in the crypto market.

sudden increase following conviction

Hunter Biden was convicted of three felonies in a federal court in 2018 for falsely stating that he was not a drug user when purchasing a gun. Following this conviction, there was a spike in various memecoins referencing the Biden family.

Jeo Boden (BODEN) (a token with an intentional misspelling of the leader’s name) rose 26% in the five hours after a Delaware federal court panel convicted Hunter Biden on June 11, reaching a 24-hour peak of approximately $0.20. According to CoinGecko data, in the same period, the Hunter Boden (HUNTBODEN) token reached a daily peak of $ 0.0022, with an increase of 116%. However, the First Lady-themed Jill Boden (JILLBODEN) token fell sharply by 9%.

Market reactions and continued activity

This rise did not last long; BODEN and HUNTBODEN tokens fell 6% and almost 54% respectively in the last 24 hours, while JILLBODEN lost 14.7%. According to GeckoTerminal, the HUNTBODEN token has a significantly smaller market cap of under $583,000 compared to BODEN’s market cap of over $124.6 million.

The sudden increase and subsequent decline in the value of these memecoins reveals how quickly the market reacts to political events and social movements. This fluctuation following the conviction of Hunter Biden once again revealed the volatile nature of cryptocurrencies.

Hunter Biden’s conviction and judicial process

Hunter Biden, a recovering crack cocaine addict, was found guilty of lying about not being a drug user on a form to buy a Colt revolver in 2018. He also faced a third charge for keeping the gun for 11 days. As a result of these accusations, Hunter Biden faces a maximum prison sentence of 25 years.

This news was first published on the Coin Engineer website.