Benzinga – Amid a surge in meme coin activity, Sam Bankman-Fried’s sentencing led to a massive rally in a meme coin named “Sam Baseman Fraud.”
What Happened: Hours before Bankman-Fried was sentenced to 25 years in prison, a meme coin with the “FTX” ticker rocketed over 35,000% hours before eventually crashing.
Just hours before the sentencing, a developer launched a meme coin called Sam Baseman Fraud (FTX) on the Coinbase layer-2 network Base.
According to Coinmarketcap data, ‘Sam Baseman Fraud’s’ lowest price was $0.00004077, while the maximum price was $0.01439. The meme coin started surging hours before Bankman-Fried’s sentencing.
Once Judge Lewis A. Kaplan delivered the sentence, the meme coin started crashing before stabilizing at its current price of $0.002065.
Despite the crash, the meme coin is up 187% in the last 24 hours.
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