Memecoins
Coins collapse amid political turmoil
Former US President Donald Trump, a controversial figure, is once again in trouble, and it’s serious. The 2024 US election candidate was found guilty by a Manhattan jury of 34 counts related to the “Hush Money” affair.
The major shockwave received by meme coins, known for their volatile nature, saw dramatic changes on Thursday. Prices of Donald Trump-themed coins subsequently fell, highlighting how trader sentiment can quickly impact the value of these coins.
Memecoins fall sharply
The recent guilty verdict against former US President Donald Trump has had a significant impact on the securities market. coins associated with him. The TRUMP coin fell as much as 35% after the announcement, although it quickly rebounded and nearly regained its previous high. In total, over $130 million was wiped from the TRUMP token market cap within 20 minutes of the news, as reported by CoinGecko. The price of the TRUMP token has since recovered and is now near its 24-hour high.
Other Trump-themed tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also saw similar declines but have not recovered as well. Interestingly, the meme coin associated with Joe Biden, Jeo Boden (BODEN), briefly rose 6.4% after the verdict, but quickly fell below its pre-verdict price.
The broader political finance meme coin (PolitiFi) market saw a slight decline, with a 0.1% drop in market capitalization, bringing the total value to approximately $1.56 billion.
Trading cards take a hit
The legal issues have also affected Trump’s cryptocurrency plans. Trading volume for his “Trump Digital Trading Card Collection” fell 99% before his trial in April. Launched in December 2022, the NFT collection initially sold 45,000 tokens at $99 each.
Verdict details
On May 30, a Manhattan jury found Trump guilty of 34 counts of falsifying business records, relating to his lawyer’s payment of $130,000 to an adult film actress before the 2016 election. Trump insists his innocence, saying the trial is politically motivated.
He plans to challenge the decision, suggesting a “real trial” during the November election. The case now moves to the sentencing phase under Judge Juan Merchan, where both sides will present their arguments for their preferred sanctions through sentencing memoranda.
A historic moment in American politics
The verdict intensified the political climate in the United States. Despite public discontent over Trump’s legal troubles, Polymarket, powered by the Oracle blockchain, still predicts that Trump will beat Biden in the upcoming election.
Trump’s sentencing is scheduled for July and he could face up to four years in prison, marking the first time a former US president has been convicted of a crime. This lawsuit could have a significant impact on his public image and his cryptocurrency plans.
Read also: LUNA Price Skyrockets Amid Terraform Labs Settlement With SEC