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What impacts on cryptocurrencies related to its image?
Fri May 31, 2024 ▪ 3 minute read ▪ by Ariela R.
Former US President Donald Trump has been convicted by a Manhattan jury. He was found guilty of 34 counts relating to “silence”. This belief has unleashed a real storm on the digital asset markets, in particular on cryptocurrencies and NFTs linked to his controversial image.
Cryptocurrencies around Donald Trump go through ups and downs
The announcement of the guilty verdict initially caused a dramatic decline in the main Donald Trump themed cryptocurrencies. In the space of 20 minutes, the TRUMP coin plummeted 35%. According to CoinGecko, it lost $130 million in market capitalization. Other crypto tokens linked to the former president, INSTRUMENT and BABYTRUMP, suffered significant losses.
The decline in these assets quickly reversed. The TRUMP coin quickly regained ground and recorded a 6% profit in 24 hours. Its trading volume also increased. This spectacular rebound brings hope to cryptocurrency investors, as Trump now demonstrates real support for the crypto ecosystem.
It’s not all! THE analyses also reveals the performance of the TRUMP crypto-asset an increase in demand by investors. The key dynamic indicators of the token also increased. All this demonstrates that:
- TRUMP’s current rally is supported by real demand,
- purchasing activity has exceeded token sales.
Decipherment: the TRUMP crypto token is following a strong upward trend.
An impact on Trump’s NFTs?
While cryptocurrencies have been destabilized, NFTs associated with Trump seem to be affected (but in different ways). THE Trump digital trading cards saw its trading volume drop by 99% before the April test. However, the price of NFTs from the original edition of this collection increased by 1.22%. Its value is $319 on the Magic Eden platform.
This resilience of Trump-related NFTs in the face of legal adversity illustrates collectors’ unwavering faith in the value of these rare assets.
In any case, this great event highlights the close ties between the political sphere and the cryptocurrency market.
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Ariela R.
I love Ariela and I’m 31 years old. J’oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. I didn’t discover trading and cryptocurrency after a few years. But there’s a universe here I’m interested in beaucoup. And the subjects covered on the platform allow me to learn advantages. Singer at my lost hours, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.