Memecoins based on Sam Bankman-Fried experienced a surge and subsequent drop as a US court sentenced the former FTX CEO to over two decades in prison. Memecoin enthusiasts once again invested heavily in a variety of questionable tokens, this time amid the historic conviction of Sam Bankman-Fried, who was sentenced to 25 years in prison by Judge Lewis Kaplan on March 28 for seven counts of fraud. This marked the first time an FTX executive faced prison time due to the exchange's collapse in November 2022, which was described as one of the largest corporate collapses in US history.