Following the guilty verdict for former President Donald Trump on 34 felony counts of falsifying business records, the TRUMP meme coin linked to him experienced a significant but temporary drop.
TRUMP Token’s Rollercoaster
The TRUMP token plummeted 16% immediately after the guilty verdict was announced, with its market cap losing over $130 million in just 20 minutes. The case revolved around Trump concealing a hush money payment to adult entertainment star Stormy Daniels. Despite the conviction, Trump has maintained his innocence, calling the trial a “disgrace” and accusing the Biden administration of orchestrating it to damage his political prospects.
In a post-verdict statement, Trump said, “This was a rigged trial by a conflicted judge who was corrupt. The real trial is going to be November 5 by the people.”
Despite the initial dip, the TRUMP token swiftly recovered, reaching $14.70 at the time of writing, just 1.5% below its 24-hour peak of $14.92. This rebound came after a period of decline as jury deliberations extended over two days.
Related Meme Coins’ Performance
Other Trump-themed meme coins, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also saw declines but did not recover as strongly as the TRUMP token.
On the other hand, the Jeo Boden (BODEN) meme coin, associated with Trump’s political rival Joe Biden, initially rallied 6.4% in the first 15 minutes after the verdict but then fell to $0.283, below its pre-verdict price.
Market Reactions and Predictions
Despite the turmoil, blockchain-powered prediction market Polymarket still favors Trump over Biden in the upcoming November election, with Trump holding a 54% win probability compared to Biden’s 40%.
Also Read: Donald Trump’s Crypto Holdings Reach $10 Million
What’s Next for Trump
Trump’s case will now proceed to sentencing, overseen by Judge Juan Merchan, who will set deadlines for the submission of sentencing memorandums. Each side will present their arguments for the preferred punishment.
U.S. attorney John Deaton commented on the potential impact of the verdict, stating, “You’re going to get both sides more entrenched” as the country approaches the November election, further intensifying the nation’s divisions.
Trump’s Cryptocurrency Stance
Trump has been courting the cryptocurrency community, promising to support the self-custody of Bitcoin and other cryptocurrencies for the country’s 50 million holders. In April, he hosted a dinner with nonfungible token (NFT) enthusiasts who bought his Mugshot NFT, claiming he “made NFTs hot again.” Trump has pledged to support local industry businesses and innovators if re-elected.
