On Ethereum scaling community Tainted, some intrepid crypto particular person created a meme coin called “Sam Baseman Fraud” around 6:00 am ET, hours sooner than Bankman-Fried’s sentencing listening to used to be enlighten to begin. By 1 pm, correct after the listening to concluded, the token (FTX) had spiked nearly 35,000% to a cost of correct over one cent.
Minutes later, it collapsed. At writing, the token is price less about 4/10ths of a penny, and continues to vogue downwards—though since advent, it’s mild up over 9,500%.
That volatility hasn’t stopped degens from aping in, then again. Undoubtedly no longer. “Sam Baseman Fraud” has already considered over $3.4 million price of trading quantity as of late, in step with DexScreener. It mild retains a market capitalization of $400,000, and $80,000 price of liquidity—though that quantity has been lowering in contemporary hours because the novelty it looks to be fades.
In the intervening time, on Solana, a shut to-equivalent, though marginally more inventive token—“Som Bonkmon Fraud” (SBF)—lived through nearly the real same cycle, albeit with barely of assorted timing.
Created the day prior to this, the Solana SBF token spiked some 15,000% the day prior to tonight. That trot persisted in a single day into the minutes sooner than Bankman-Fried’s sentencing listening to started. At that level, though, the coin started tanking—falling from correct petrified of a penny to below 9/100ths of a cent at writing. It is now down over 90% in the final 24 hours.
For some motive—in all likelihood the ongoing meme coin frenzy on Solana, in all likelihood the cheeky allusion to meme coin sensation BONK, or in all likelihood the Solana-SBF connection—”Som Bonkman Fraud” has considered a big $24 million in trading quantity over the final day. The token retains $146,000 in locked liquidity, and—for the time being—is posting a $675,000 market cap.
This day’s SBF tokens are rarely the first to capitalize on a predominant recordsdata tournament to chase up hundreds of hundreds of bucks price of capital out of nothing. Such tokens most often lead to happy endings for holders: They’re mechanically “rug-pulled” by their anonymous creators, who withdraw liquidity and leave investors holding the bag.
Edited by Andrew Hayward
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