In the wake of a high-profile sentencing in the cryptocurrency world, a meme coin bearing a satirical name referencing the convicted exchange founder experienced a dramatic rise and fall within hours.

As news broke of the 25-year prison sentence handed down to the former head of a major cryptocurrency exchange, opportunistic traders flocked to a newly launched meme coin. The token, cheekily named after the disgraced founder, made its debut on a layer-2 network just before the sentencing took place on Thursday, March 28.

The timing of the launch proved strategic, as the token's value skyrocketed by over 20,000% in a matter of hours. However, the rapid ascent was short-lived, revealing the hallmarks of a pump-and-dump scheme. As soon as the coin reached the one-cent mark, traders hastily cashed out their profits, triggering a precipitous 90% crash.

At its peak, the meme coin boasted a market capitalization of $1.5 million. However, this figure has since plummeted to less than $30,000. Despite the dramatic downturn, some trading activity persists, with GeckoTerminal reporting sporadic buy orders in recent hours.

The incident serves as a stark reminder of the volatile nature of meme coins and the risks associated with speculative trading in the cryptocurrency market. It also highlights how quickly opportunistic projects can emerge in response to high-profile events in the crypto space.

While the rise and fall of this particular meme coin was swift, it underscores the ongoing fascination with controversial figures in the cryptocurrency world and the willingness of some traders to take significant risks in pursuit of quick profits.

As the dust settles on this latest meme coin phenomenon, industry observers are likely to view it as yet another cautionary tale in the ever-evolving landscape of digital assets and decentralized finance.