Meme coins associated with former United States President Donald Trump experienced significant volatility after he was found guilty on 34 felony counts for falsifying business records.
Trump Found Guilty
On May 30, a Manhattan jury found that the former US president paid ‘hush money” to adult film star Stormy Daniels and falsified business records to conceal the payment during the 2016 election campaign. Trump is scheduled for sentencing in July of this year, and he could face up to four years in prison. The Trump hush money trial is considered historic. It marked the first time a former US president has been tried and convicted on criminal charges.
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Despite being convicted, Trump maintains his innocence, labeling the trial’s verdict as a “disgrace.” He said the outcome of the court case was politically motivated.
Trump stated:
“Our whole country is being rigged right now. This was done by the Biden administration in order to wound or hurt an opponent, a political opponent […] The real trial is going to be November 5 by the people.”
Volatility of Political Meme Coins
Many Trump-related political meme coins dipped after Trump’s sentencing. The MAGA (TRUMP) token, of which a Donald Trump-related wallet holds 580,000 coins, fell 16.2% in the past day to reach $11.54.
BREAKING: Donald Trump now holds $10M in crypto
Donald Trump’s on-chain holdings surpassed $10 Million this morning, mainly fuelled by the rise in price of the $TRUMP coin – of which Trump currently holds $7.3M. pic.twitter.com/rkQi6SLvvG
— Arkham (@ArkhamIntel) May 27, 2024
More than $130 million was wiped from the TRUMP token’s market cap within a short 20-minute window following the news, according to CoinGecko. However, its price bounced back just as quickly and is now at $13.52 at the time of writing. It is now only 9% away from regaining its 24-hour peak of $14.92.
MAGA VP (MVP), a coin suggesting a connection with Trump’s potential vice presidential pick, also experienced a notable decline. Currently, it is trading at $0.455, indicating a 20% decrease in the past 24 hours.
Meanwhile, a token named FreeTrump ($TRUMP) surged by 330%, reaching a trading value of $0.019 within the last day.
Biden-Linked Coin Fluctuates
The Jeo Boden (BODEN) meme coin, tied to Trump’s political rival, Joe Biden, rallied 6.4% in the first 15 minutes. However, it then dumped to $0.283 — even lower than its price before Trump’s conviction.
Crypto gamblers utilizing the blockchain-powered prediction market Polymarket still anticipate Trump’s victory over Biden in the upcoming election on November 5. They boast a 54% win probability for Trump compared to Biden’s 40%.
Trump Declares Support for Crypto
In a May 25 post on Truth Social, Trump stressed that the US needs to take the lead in the crypto industry, adding that there is no room for second place. He also expressed openness to cryptocurrency companies operating within the country.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) May 25, 2024
Without directly naming President Joe Biden, Trump asserted that the current American leader is the worst in the nation’s history. He accused Biden of wanting to destroy the crypto landscape but vowed to stop such efforts.
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