Memecoins
Donald Trump’s conviction triggers volatility in political memecoins
Following the conviction of former US President Donald Trump on 34 counts of falsifying business records, political memecoins associated with him have experienced significant volatility.
On May 30, the Manhattan jury found Trump guilty of 34 counts of falsifying business records. The records in question involved her attorney Michael Cohen paying $130,000 to an adult actress before the 2016 presidential election.
Trump’s sentencing is scheduled for July and he could face up to four years in prison. This trial marks the first time a former US president has been tried and convicted on criminal charges.
Like the Manhattan jury delivered his verdictthe FreeTrump token ($TRUMP) jumped 1.019% in 24 hours to reach $0.042, while Jeo Boden (BODEN) saw its price remain almost stable at $0.294. As Previously reportedBODEN was launched following Trump’s misspelling of Joe Biden’s name and stood up when the former president acknowledged it with the following comment:
I don’t like this investment.
Additionally, the MAGA token (TRUMP) – also held by a Trump-linked wallet with 580,000 tokens – rose 16.25% to $16.25. MAGA VP (MVP), a token suggesting a connection to Trump’s potential vice presidential pick, fell 10.7% to around $0.51.
Global political financing (PolitiFi) memecoin market capitalization increased by 15.4% to approximately $1.8 billion, while reported by CoinGecko.
The battle for crypto votes
As ReadWrite recently reported, Trump has expressed support for the booming 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 about cryptocurrency companies and everything related to this new and booming industry. […] Our country must be a leader in the field, there is no second place.
The former president of the United States also recently committed to exonerating Ross Ulbricht the day after his election, the founder of Silk Road, the world’s first deep web black market. This has apparently translated into increasing pressure on Democratic presidential candidate and current US President Joe Biden.
Previously, Democrats were largely opposed to cryptocurrencies, but as the election approaches, a shift has occurred. Earlier this week, news spread that President Joe Biden had began seeking input from the cryptocurrency industry in the middle of the presidential race. This pro-crypto approach is a significant departure from Biden’s proposal. impose a 30% tax on cryptocurrency mining power.