Summary
TLDR: After FTX founder Sam Bankman-Fried was sentenced to 25 years in prison, meme coins like “Sam Baseman Fraud” and “Som Bonkmon Fraud” surged in value by over 30,000% before crashing back down. These tokens have seen millions in trading volume but are risky investments as they are often rug-pulled by their creators.
Key Points
1. Meme coins surged in value by over 30,000% before plummeting back to worthlessness following the announcement of FTX founder Sam Bankman-Fried’s 25-year prison sentence.
2. Tokens like “Sam Baseman Fraud” and “Som Bonkmon Fraud” were created on Ethereum and Solana networks respectively to capitalize on the news event, resulting in massive trading volumes and market capitalizations.
3. Such meme coins rarely have happy endings for holders as they are often “rug-pulled” by their anonymous creators, leaving investors with losses.