BODEN Briefly Skyrockets After Hunter Biden Was Found Guilty

Jeo Boden (BODEN), a meme token cleverly named after United States President Joe Biden, experienced a surge of 26%, reaching a high of nearly $0.20 within five hours of his son, Hunter Biden, being found guilty on three charges in a federal gun case on June 11th. Hunter, who has struggled with addiction, was convicted of falsifying information on a form to purchase a Colt revolver in 2018 and faces a maximum sentence of 25 years in prison.

A Mixed Bag

The Hunter Boden (HUNTBODEN) token saw a significant increase of 116% to a daily high of $0.0022, while the First Lady-themed Jill Boden (JILLBODEN) token dropped by 9% during the same period. However, these gains were short-lived, as BODEN and HUNTBODEN dropped by 6% and almost 54% respectively in the last 24 hours, and JILLBODEN decreased by 14.7%.

In addition, the market capitalization of HUNTBODEN is considerably smaller at under $583,000 compared to BODEN which is over $124 million, as reported by GeckoTerminal. In contrast, Doland Tremp (TREMP), a Solana meme coin named after former United States President Donald Trump, experienced a decrease of over 12% to $0.93 on the same day.

These declines coincide with a broader market downturn, with top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seeing drops of 5% or more in the last day. Bitcoin (BTC) and Ether (ETH) also experienced respective drops of 3% and 4.5% in the last day, with BTC trading at $67,395 and ETH at $3,503, according to Cointelegraph Markets Pro.

Pros And Cons Of Meme Coins

Investing in meme coins can offer the potential for substantial returns, driven by their volatile nature and the possibility of rapid price surges. Additionally, these projects often boast active and passionate communities, fostering engagement and support. Furthermore, meme coins typically have low entry barriers, making them accessible to a wide range of investors.

However, it is essential to consider the downsides. Meme coins are notorious for their extreme volatility, which can lead to significant losses as prices fluctuate based on social media trends and sentiment. Moreover, many meme coins lack fundamental value or utility, leaving them vulnerable to speculative bubbles and market manipulation. Regulatory scrutiny also poses a risk, as authorities may increase oversight due to concerns about investor protection and financial stability.