Meme Coin Prices Plummet After Donald Trump Was Found Guilty on Felony Charges
The value of Donald Trump-themed meme coins has plummeted.
According to CoinGecko, the largest Trump-themed coin by market cap, MAGA, plummeted from $15 to $11.27 shortly after the verdict. The coin’s value rebounded slightly to $14.74. Other Trump-themed coins were similarly hit, with some falling sharply within an hour.
Donald Trump-themed coins plummet after guilty verdict
The MAGA coin, ticker TRUMP, dropped nearly 25% in just over an hour. The sharp drop reflects traders’ reaction to the verdict. Similarly, Trump-themed coins with smaller market caps also suffered significant losses. MAGA Hat (MAGA) fell 16%, Super Trump (STRUMP) fell 16%, and MAGA VP (MVP) plunged 22%. The sudden price drops highlight the volatility of meme coins and their dependence on trader sentiment.
However, not all Trump-themed tokens have suffered the same fate. Doland Tremp (TREMP), a deliberately misspelled Trump commemorative coin, has remained mostly flat over the past hour. This suggests that some traders are speculating on Solana tokens despite the general market downturn. The performance of these tokens has been mixed, highlighting the unpredictable nature of meme token trading.
Trump maintains his innocence despite verdict
Donald Trump was found guilty of all 34 felony charges in the "hush money" case. The case accused Trump of falsifying business records and paying to cover up his affair with adult entertainment star Stormy Daniels. This made Trump the first US president ever to be convicted of a felony. After the verdict, Trump maintained his innocence and called the trial "rigged." His comments did little to mitigate the market's reaction, as evidenced by the plunge in the value of Trump-themed meme coins and other financial assets associated with him.
In addition to the meme coin market, Nasdaq's Trump Media Technology Group (DJT) also fell sharply. The stock fell 9% in after-hours trading, reflecting investors' concerns about the impact of the verdict. The ruling had broad implications for Trump-related markets, highlighting the interconnectedness between financial assets and political events.
While Trump-themed tokens faced a sharp drop, meme tokens inspired by current U.S. President Joe Biden rose after the verdict. This change in market sentiment highlights how political events can affect cryptocurrency values.
On blockchain-powered prediction platform Polymarket, traders are still betting that Trump will beat Biden in the upcoming presidential election. Despite the guilty verdict, Trump is still far ahead with a 56% chance of winning, while Biden's chance of winning is 38%.
Despite the guilty verdict, Trump still maintains his innocence. Industry experts shared their views, with Nigel Farage calling the verdict a disgrace and predicting a big victory for Trump. In addition, Trump's cryptocurrency donation website crashed due to excessive traffic.
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