The meme coin inspired by Sam Bankman-Fried, aptly named “Sam Baseman Fraud,” saw a dramatic crash, crashing 85% after briefly hitting the one-cent mark. This token, emerging in the wake of the FTX founder’s 25-year prison sentence, captivated the crypto community with its rapid ascent and subsequent fall.
Launched on the layer-2 network Base, this token capitalized on the buzz surrounding Bankman-Fried’s sentencing. Its value skyrocketed over 20,000% in mere hours, a testament to the volatile nature of meme coins and the crypto market at large.
However, this surge was short-lived as traders quickly capitalized on the spike, leading to a drastic 85% drop in the token’s value.
Despite the steep decline, leaving the meme coin’s market cap significantly diminished from its peak, a dedicated group of traders remains active. This situation underscores the speculative nature of meme-based cryptocurrencies, highlighting the high-risk, high-reward nature of such investments in the digital asset landscape.
Also Read: Reactions to SBF’s 25-Year Sentence for FTX Collapse
