Sam Bankman-Fried inspired meme coin hits 1 cent, crashes
As Sam Bankman-Fried was sentenced to 25 years in jail, meme coin fanatics positioned their bets on a knock-off FTX meme coin humorously named Sam Baseman Fraud.
On Thursday, Choose Lewis Kaplan sentenced the disgraced FTX founder to a complete of 300 months in jail on a number of counts of fraud, cash laundering, and tried witness tampering.
One developer noticed the information as the right alternative to money in on the excitement.
An nameless developer launched Sam Baseman Fraud only a few hours earlier than Bankman-Fried’s sentencing on Thursday, March 28. The token was launched on the layer-2 community Base underneath the ticker ‘FTX.’
With the excitement surrounding Bankman-Fried’s sentencing, the token surged over 20,000% in only a few hours. Nevertheless, it was evident that Sam Baseman Fraud was a pump-and-dump token, as merchants rapidly liquidated their income after the token reached 1 cent, inflicting it to crash over 90%.
The meme coin reached a market cap of $1.5 million on Thursday, but it surely’s left with lower than $30,000 right this moment. Nevertheless, some merchants nonetheless appear to be energetic, as GeckoTerminal exhibits a handful of shopping for actions prior to now few hours.
