Memecoins based on Sam Bankman-Fried saw a sharp rise before collapsing after a US court sentenced the former CEO of FTX to more than 20 years in prison. Degenerates of Memecoin have once more invested their money in a wide range of dubious tokens, this time in the wake of SBF’s historic sentencing, which resulted in a 25-year prison term for him. The former CEO of FTX, who was involved in what is considered to be one of the worst business catastrophes in US history—the exchange’s collapse in November 2022—became the first individual from the company to face prison time when Judge Lewis Kaplan sentenced Bankman-Fried to a total of 25 years in prison on seven charges of fraud on March 28.
SBF Memecoins Value Increase By Over 23,300%
But a developer named SBF—funnily with the ticker FTX—launched a meme coin on the Coinbase layer-2 network Base a few hours before Bankman-Fried’s sentence was announced. According to DexScreener statistics, the SBF meme coin increased in value by almost 23,300% in just seven hours, reaching a high market capitalization of $1.5 million on March 28. The token then started to sell off rapidly, plunging more than 85% in three hours, as many meme coins sometimes do. The price of the meme coin has leveled down and is currently trading at about $0.06, which is still 60% below its peak as of the time of publishing
