Memecoins
Donald Trump’s conviction triggers volatility in political memecoins
Following former US President Donald Trump’s conviction on 34 counts of falsifying corporate records, political memecoins associated with him have seen significant volatility.
On May 30, a Manhattan jury found Trump guilty of 34 counts of falsifying business records. The documents in question involved his lawyer Michael Cohen paying $130,000 to an adult actress prior to the 2016 presidential election.
Trump is scheduled to be sentenced in July and faces up to four years in prison. This trial marks the first time a former president of the United States has been tried and convicted on criminal charges.
Like the Manhattan jury has given his verdictthe FreeTrump token ($TRUMP) increased by 1.019% in 24 hours to reach $0.042, while Jeo Boden (BODEN) saw its price remain almost stationary at $0.294. AS previously reportedBODEN launched following Trump’s misspelling of Joe Biden’s name and spiked when the former president acknowledged the following comment:
I don’t like that investment.
Additionally, the MAGA token (TRUMP), also held by a Trump-related wallet with 580,000 tokens, rose 16.25% to $16.25. MAGA VP (MVP), a token that suggests a connection to Trump’s potential vice presidential pick, fell 10.7% to around $0.51.
Overall political finance (PolitiFi) memecoin market capitalization increased by 15.4% to approximately $1.8 billion reported by CoinGecko.
The battle for encrypted votes
AS ReadWrite recently reported, Trump expressed his support for the burgeoning cryptocurrency industry. He went so far as to express his belief that the United States should lead this industry:
I am very positive and open-minded towards cryptocurrency companies and everything related to this new and thriving industry. […] Our country must be a leader in this field, there is no second place.
Even the former president of the United States recently pledged to exonerate Ross Ulbricht the day after his election, the founder of Silk Road, the world’s first deep web black market. This has apparently resulted in increasing pressure on Democratic presidential candidate and current US President Joe Biden.
Democrats had previously largely opposed cryptocurrencies, but as the upcoming elections approached, a change occurred. Earlier this week, news broke that President Joe Biden has began seeking input from the cryptocurrency industry in the midst of the presidential race. This cryptocurrency-friendly approach represents a significant departure from when Biden proposed it imposing a 30% tax on cryptocurrency mining power.