Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%

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Donald Trump Meme Coins Plummet After Guilty Verdict on Felony Charges – Crypto News

Published

2 years ago

May 31, 2024

Dripp

Donald Trump-themed meme coins have experienced a significant drop in value following the former U.S. president’s guilty verdict on 34 felony charges. MAGA, the largest Trump-themed coin by market cap, plunged from $15 to $11.27 shortly after the verdict, according to CoinGecko. It has since rebounded slightly to $14.74. Other Trump-themed coins have similarly taken a hit, with some experiencing substantial declines within the hour.

Donald Trump-Themed Coins Plummet Amidst Guilty Verdict

The MAGA coin, which uses the ticker TRUMP, saw a nearly 25% dip in just over an hour. This sharp decline reflects traders’ reactions to the verdict. Similarly, less-capitalized Trump-themed coins also suffered significant losses. MAGA Hat (MAGA) fell 16%, Super Trump (STRUMP) dropped 16%, and MAGA VP (MVP) plummeted by 22%. The sudden price drops highlight the volatility of meme coins and their dependence on trader sentiment.

However, not all Trump-themed coins experienced the same fate. Doland Tremp (TREMP), an intentionally misspelled Trump tribute coin, remained nearly even over the past hour. This suggests that some traders speculate 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 was found guilty on all 34 felony charges related to the “hush money” case. The case alleged that Trump falsified business records and paid to bury press coverage of an affair with adult entertainer Stormy Daniels. This makes Trump the first U.S. president ever to be found guilty of a felony. Following the verdict, Trump maintained his innocence and called the trial “rigged.” His comments have not mitigated 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, Trump Media & Technology Group (DJT) shares on the Nasdaq also saw a significant drop. The shares fell 9% in after-hours trading, reflecting investor concerns about the verdict’s implications. The verdict has had a wide-ranging impact on markets tied to Trump, highlighting the interconnectedness of financial assets and political events.

While Trump-themed coins faced a significant decline, meme coins inspired by current U.S. President Joe Biden increased after the verdict. This change in market sentiment underscores how political events can impact cryptocurrency values. On Polymarket, a blockchain-powered prediction platform, traders still bet on Trump to defeat Biden in the upcoming presidential election. Despite the guilty verdict, Trump has a strong lead with 56% odds 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 Trump. Additionally, due to the high traffic, Trump’s crypto donation site crashed.

Also Read: FIT21 Unlikely to Pass Senate Before November Election: Report

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