Donald Trump Meme Coins Drop After Guilty Verdict on Felony Charges
Donald Trump-themed meme coins suffered a significant drop in value following the former US president’s guilty verdict on 34 felony counts. MAGAThe largest Trump-themed cryptocurrency by market cap, according to CoinGecko, fell from $15 to $11.27 shortly after the decision. It has since recovered slightly to $14.74. Other Trump-themed cryptocurrencies were similarly hit, with some experiencing significant declines within an hour.
Donald Trump-Themed Coins Drop Amid Guilty Verdict
MAGA coin, which uses the ticker TRUMP, saw a drop of almost 25% in just over an hour. This sharp decline reflects traders’ reaction to the decision. Similarly, less capitalized Trump-themed coins also suffered significant losses. MAGA Hat (MAGA) down 16%, Super Trump (STRUMP) It’s down 16% and MAGA VP (MVP) is down 22%. Sudden price drops highlight the volatility of meme coins and their dependence on investor sentiment.
But not all Trump-themed coins suffered the same fate. Doland Tremp (TREMP), an intentionally misspelled Trump tribute coin, has remained nearly flat over the past hour. This suggests that some investors are speculating on the solana token despite the broader market downturn. The mixed performance of these coins underscores the unpredictable nature of meme coin trading.
Trump Maintains Innocence Despite Verdict
Donald Trump He was found guilty of all 34 felony charges related to the “hush money” case. The lawsuit alleged that Trump falsified business records and paid to hide media reports of his relationship with adult entertainer Stormy Daniels. This makes Trump the first US president to be convicted of a serious crime. Following the verdict, Trump maintained his innocence and called the case “rigged.” His comments did not dampen the market reaction, as evidenced by the collapse in value of Trump-themed meme coins and other financial assets associated with him.
In addition to the meme coin market, shares of Trump Media & Technology Group (DJT) on Nasdaq also saw a significant decline. Shares fell 9% in after-hours trading, reflecting investors’ concerns about the impact of the decision. The decision had a far-reaching impact on Trump-related markets and highlighted the interconnectedness of financial assets and political events.
Trump-themed coins face significant decline, while current US-inspired meme coins President joe Biden It increased after the decision. This change in market sentiment underscores how political events can affect cryptocurrency values. At Polymarket, a blockchain-powered prediction platform, investors are still betting that Trump will beat Biden in the upcoming presidential election. Despite the guilty verdict, Trump holds a strong lead with a 56% chance of winning compared to Biden’s 38%.
Trump maintains his innocence despite the guilty verdict. Industry experts shared their perspectives, with Nigel Farage describing the decision as disgraceful and predicting a significant victory for Trump. Additionally, Trump’s crypto donation site crashed due to heavy traffic.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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