Crypto Quill

In a tale as old as fraud itself, meme coins inspired by disgraced FTX co-founder Sam Bankman-Fried (SBF) have recently experienced a wild ride. Pumping and dumping in response to courtroom drama, these coins showcased unprecedented volatility. Let’s delve into the unfolding drama surrounding SBF meme coins.

The Volatility Surge

Multiple SBF meme coins, created by crypto enthusiasts to capitalize on news related to SBF’s 25-year prison sentence, surged over 300 times before plummeting to near-worthlessness. For instance:

• “Sam Baseman Fraud”: Created just hours before SBF’s sentence hearing, this meme coin climbed nearly 35,000% to over one cent, only to crash afterward. Despite the volatility, it has still increased by more than 9,500% since its launch.
• “Som Bonkman Fraud”: A Solana-based meme coin, it saw a 15,000% increase before losing value during SBF’s sentencing. Trading activity reached an enormous $24 million in a single day.

The Context

SBF’s story is one of grace to grass. Once referred to as the crypto king, he was found guilty of fraud and conspiracy in November 2023. Now officially sentenced to 25 years in prison, SBF misused billions of dollars in customer deposits, allegedly duping FTX investors of $1.7 billion and Alameda Research lenders of $1.3 billion.

The rollercoaster ride of SBF meme coins adds another layer of intrigue to the ongoing drama, leaving investors bewildered and questioning the very essence of meme coins in the crypto world.