The niche market of political memecoins, particularly those themed around U.S. President Joe Biden and Republican frontrunner Donald Trump, is facing a significant downturn. This selloff surpasses the broader crypto market's recent declines.

According to CoinGecko, the market cap of the Political Finance (PolitiFi) memecoins has plummeted by over 13% in the past 24 hours. During the same period, Bitcoin has dropped approximately 4%, while Ethereum has fallen 5.4%, as reported by The Block's crypto price data.

Leading the downward trend, the FreeTrump token ($TRUMP) has seen a dramatic decrease of 45% in the past 24 hours. MAGA (TRUMP), the largest PolitiFi coin with a market cap of $560 million, has also declined by 13%. It is important to note that these tokens are not officially affiliated with any political figures.

Concurrently, Hunter Biden, the son of President Joe Biden, was found guilty by a federal jury on three federal felony gun charges. This verdict marks a historic moment as it is the first time a sitting president's son has been convicted of a crime while his father is in office, according to CNN.

Following the announcement of the guilty verdict on Wednesday, the Solana-based Hunter Boden token (HUNTERBODEN) experienced a significant surge, climbing over 30% in the past 24 hours to reach $0.001514 at the time of publication. This surge contrasts sharply with the performance of other political memecoins.

Among the more popular memecoins of 2024, Jeo Boden (BODEN) saw a decline of 5.5%, dropping to $0.1855.

This market activity occurs against a backdrop of broader equity market selling pressure, driven by anticipation of two major macroeconomic events: the monthly Consumer Price Index (CPI) report and a Federal Reserve monetary policy announcement. Recently, expectations for a potential interest rate cut by the Federal Reserve have waned, adding to the overall market tension.

In conclusion, while the political memecoin sector faces substantial declines, the unexpected rise of Hunter Boden amidst a high-profile legal verdict highlights the volatile and reactive nature of the cryptocurrency market. As investors navigate these shifts, the impact of external events and broader economic indicators continues to play a crucial role in shaping market dynamics.