Meme Coin Values Plummet Amidst Political Turmoil as Donald Trump Faces Conviction
Trump, the polarizing figure, once again finds himself in a significant predicament. The former president of the United States has been found guilty by a jury in Manhattan on 34 felony charges relating to the infamous “hush money” case. This shocking development has had a profound impact on meme coins, known for their volatility, causing them to experience drastic fluctuations on Thursday. The prices of Donald Trump-themed coins plummeted following the verdict, highlighting how swiftly trader sentiment can influence the value of these digital assets.
Crypto Reaction
The recent guilty verdict against former President Donald Trump has had a profound effect on the market for meme coins associated with him. The TRUMP meme coin suffered a staggering 35% drop in value after the announcement, although it quickly recovered and almost reached its previous peak. CoinGecko reports that within a mere 20 minutes of the news, over $130 million was wiped off the TRUMP token’s market capitalization. Since then, the price of the TRUMP token has bounced back and is now close to its highest point in the past 24 hours.
In addition to the TRUMP token, other tokens linked to Trump, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced similar declines but failed to recover. Interestingly, the Jeo Boden (BODEN) meme coin, associated with Joe Biden, briefly rallied by 6.4% following the verdict but subsequently dropped below its pre-verdict price.
The market cap of political finance (PolitiFi) meme coins decreased by 0.1% in the last 24 hours, amounting to approximately $1.56 billion.
Trump to Face a “Real Trial”?
On May 30th, a Manhattan jury found the former president guilty on 34 counts of falsifying business records, relating to his lawyer’s payment of $130,000 to an adult actress before the 2016 election. However, Trump maintains his innocence and alleges that the trial is politically motivated. He intends to challenge the decision and proposes a “real trial” during the November election. The case will now proceed 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 landscape in the United States. While the public is dismayed by Trump’s legal troubles, the Oracle blockchain-powered Polymarket still predicts Trump’s victory over Biden in the upcoming election.
Trump’s sentencing is scheduled for July, and he could face up to four years in prison. However, this is a historic moment as he would be the first former U.S. president to be convicted of a crime. The trial may have repercussions on his public image and his cryptocurrency ventures.
Notably, following the news, the trading volume for his “Trump Digital Trading Card Collection” experienced a staggering 99% decline prior to his trial in April. He launched this NFT collection in December 2022, selling 45,000 tokens at a price of $99 each.
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