Crypto Chaos: Meme Coins Swing Wildly After Trump Verdict.🪙🔨
➡️The guilty verdict against Donald Trump in the hush-money trial has led to volatility in some meme coins linked to him and his opponent Joe Biden. MAGA (TRUMP) initially dumped 17% to $11.20 but then pumped 50% to an all-time high of $16.80 before tumbling again, currently hovering around $13.90. Donald Tremp (TREMP) also passed through ups and downs, first dropping 5% and then rallying 18% to $1.38 before settling at around $1.18. Jeo Boden (BODEN), a meme coin tied to Biden, witnessed a 15% daily decline.
➡️Despite the verdict, Trump maintains that he is the right choice for crypto supporters, promising to let Bitcoin and crypto thrive in the US if elected. Recent polls suggest he may have the upper hand, leading in five out of six swing states.
➡️Crypto punters on the Polymarket prediction market believe there is a 17% chance Trump will go to prison before the November election, down from 25% earlier in May. Bettors had put the odds of a guilty verdict at 78%.
➡️Wall Street is bracing for potential volatility, with the political climate expected to become increasingly volatile. However, the stock market has historically shown a tendency to disregard domestic political turmoil. The market reaction is expected to be muted, as expectations for a guilty verdict were somewhat priced in. The bigger impact could be if the verdict begins to turn momentum away from Trump to Biden.
➡️Shares of Trump Media & Technology Group (DJT), the parent company of Truth Social, experienced a modest uptick after the verdict, recovering from an initial 7% premarket decline to trade 5% higher at market open. Despite financial setbacks, the company expressed confidence in its ability to fund operations.