Memecoins
Donald Trump meme coins plummet after guilty verdict on felony charges
Donald Trump-themed meme coins have seen a sharp drop in value after the former US president was found guilty of 34 crimes. The largest of these, MAGA, fell from $15 to $11.27 shortly after the verdict, as reported by CoinGecko, but has since recovered slightly to $14.74. Other Trump-themed coins also suffered, many suffering significant losses within the hour.
Donald Trump-themed coins plummet amid guilty verdict
The MAGA coin, which uses the ticker TRUMP, dropped nearly 25% in just over an hour. This sharp decline reflects traders’ reactions to the verdict. Likewise, Trump-themed coins with smaller capitalization also suffered significant losses. MAGA Hat (MAGA) is down 16%, Super Trump (
STRUMP) fell 16% and MAGA VP (MVP) fell 22%. The sudden price drops highlight the volatility of meme coins and their dependence on trader sentiment.
However, not all Trump-themed coins have suffered the same fate. Doland Tremp (TREMP), an intentionally misspelled Trump tribute coin, remained near breakeven in the past hour. This suggests that some traders are speculating on the Solana token despite the broader market downturn. The mixed performance of these coins highlights the unpredictable nature of meme coin trading.
Trump maintains innocence despite verdict
Donald Trump he was found guilty of all 34 crimes related to the “silence” case. The case alleged that Trump falsified corporate documents and paid to bury press coverage of an affair with adult entertainer Stormy Daniels. This makes Trump the first US president ever found guilty of a crime. After the verdict, Trump maintained his innocence and called the trial “rigged.” His comments did not temper the market’s reaction, as evidenced by the plummeting 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 the Nasdaq also saw a significant decline. Shares fell 9% in after-hours trading, reflecting investor concerns about the implications of the verdict. The verdict had a wide-ranging impact on Trump-related markets, highlighting the interconnection between financial activities and political events.
While Trump-themed coins have seen a significant decline, meme coins inspired by the current U.S President Joe Biden increased after the ruling. This shift in market sentiment highlights how political events can impact cryptocurrency values. On Polymarket, a blockchain-based prediction platform, traders are still betting on Trump’s victory over Biden in the upcoming presidential election. Despite the guilty verdict, Trump has a strong lead with a 56% chance of winning, compared to Biden’s 38%.
Trump maintains his innocence despite the guilty verdict. Industry experts have shared their perspectives, with Nigel Farage calling the verdict a disgrace and predicting a significant victory for Briscola. Additionally, due to high traffic, Trump’s cryptocurrency donation site crashed.
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