Political Memecoins Plummet Following Biden's Son Conviction

The market capitalization of financial and political memecoins (also known as PolitiFi) has plunged by over 13% in the past 24 hours.

Political Memecoins Plummet Following Biden's Son Conviction
Image: BBC

During the trial on June 11th, President Joe Biden's son, Hunter Biden, was convicted on all three charges related to the possession of a firearm in 2018, aggravated by drug addiction. Hunter Biden faces a possible prison sentence of up to 25 years, although a sentencing date has yet to be set.

According to CNN, this marks the first time in U.S. history that a president's son has been convicted while his father is still in office. President Biden has stated that he accepts and respects the outcome of the trial.

Just a few weeks ago, former President Donald Trump was also convicted on 34 charges related to hush-money payments to a pornographic film actress during the 2016 election campaign. However, both figures claim to be victims of the current political climate.

In response to these developments, a wave of memecoins tied to President Joe Biden and leading Republican candidate Donald Trump has experienced significant sell-offs.

The memecoin FreeTrump (TRUMP) led the decline, losing nearly half its value in the past 24 hours. MAGA (TRUMP), the largest by market capitalization in the PolitiFi sector ($543 million USD), also saw a 15% drop. One of this year's most popular PolitiFi memecoins, Jeo Boden (BODEN), plummeted to $0.1855 USD.

A wave of political memecoins in sharp decline. Source: CoinMarketCap

Interestingly, the Solana-based memecoin Hunter Boden (HUNTERBODEN) surged over 30%, approaching $0.001514 USD.

Overall, the market capitalization of PolitiFi memecoins has dropped by more than 13% in the last 24 hours. Alongside this, Bitcoin has fallen by 4%, Ethereum by 5.4%, and the entire market is currently engulfed in red.