Donald Trump Convicted: Meme Coins Plummet Amidst Political Turmoil
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Trump, the controversial figure, is yet again in trouble, and this is big. The former U.S. president was found guilty by a Manhattan jury on 34 felony charges related to the “hush money” case. The major shockwave received by meme coins, known for their volatile nature, saw dramatic shifts on Thursday. Prices of Donald Trump-themed coins plummeted after this, highlighting how trader sentiment can quickly impact the value of these coins.
Crypto Reaction
The recent guilty verdict against former U.S. President Donald Trump significantly impacted the market for meme coins associated with him. The TRUMP meme coin plummeted by as much as 35% after the announcement, though it quickly rebounded and nearly regained its prior peak. In total, over $130 million was wiped from the TRUMP token’s market cap within a short 20-minute span following the news, as reported by CoinGecko. The price of the TRUMP token has since recovered and is now close to its 24-hour high.
Along with the Trump token, other Trump-linked tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), experienced similar declines but did not recover either. Surprisingly, the Joe Biden-associated Jeo Boden (BODEN) meme coin briefly rallied by 6.4% following the verdict but dropped below its pre-verdict price.
We saw a drop in political finance (PolitiFi) meme coins market cap by 0.1% in the last day, coins approx value was $1.56 billion.
Trump to go on “Real-trial”?
On May 30, a Manhattan jury found the former president guilty of 34 counts of falsifying business records. This was related to his lawyer paying $130,000 to an adult actress before the 2016 election.
However, Trump maintains his innocence and accuses the trial of being politically motivated. He plans to challenge the decision and suggests a “real trial” during the November election. The case now progresses to the sentencing phase under Judge Juan Merchan, where both sides will present arguments for their preferred punishments through sentencing memorandums.
The verdict has intensified the political scenario in the US. While the public is upset with the legal trouble, the Oracle blockchain-powered Polymarket still favors Trump to win against Biden in the upcoming election.
Trump’s sentencing is in July, and he could get up to four years in prison. However, this is historic because he’s the first former U.S. president convicted of a crime. The trial may impact his public image and his cryptocurrency projects.
Notably, with the news, the trading volume for his “Trump Digital Trading Card Collection” fell by 99% before his April trial. He launched this NFT collection in December 2022, selling 45,000 tokens at $99 each.
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