Trump's felony verdict triggers a huge shock in the crypto market: Meme coins plummet, and Trump's victory expectations remain high
1. Trump-themed Meme coins plummet
Donald Trump was convicted of all 34 felonies in the "hush money" case, causing his theme Meme coin market to suffer a heavy blow. The largest Trump-themed coin MAGA (with the largest market value) plummeted from $15 to $11.27 shortly after the verdict, a drop of nearly 25%. Other Trump-themed tokens such as MAGA Hat, Super Trump, MAGA VP, etc. also suffered heavy losses, with declines ranging from 16% to 22%.
2. Trump insists on innocence, and market sentiment is mixed
Despite being found guilty, Trump still insists on his innocence, saying the trial is "rigged." This statement did not alleviate the market reaction, and the value of Trump-themed Meme coins and other financial assets related to him continued to plummet.
3. Biden-themed Meme coins rose, and political events affected the crypto market
In sharp contrast to the plunge in Trump-themed Meme coins, Biden-themed Meme coins rose after the verdict, and market sentiment shifted. This change highlights the impact of political events on the value of cryptocurrencies.
4. Trump's victory expectations remain high
Despite facing felony charges and the plunge in the Meme coin market, Trump's victory expectations in the upcoming presidential election remain high. On the blockchain-driven prediction platform Polymarket, traders are still betting that Trump will beat Biden, with Trump's chance of winning 56% and Biden's 38%.
5. Industry experts have different views
Nigel Farage and other industry experts have different views on Trump's verdict. Some call it a "shame" and predict that Trump will win a big victory. Trump's cryptocurrency donation website crashed due to excessive traffic, showing that his supporters are still active.
Trump's criminal verdict has a profound impact on the cryptocurrency market, especially the Meme coin market directly related to it. However, Trump's victory expectations and different views of industry experts have added more complexity and uncertainty to this event.
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