The case involving #Trump 's hush money payment to adult entertainment star Stormy Daniels will now move to the sentencing phase. Despite the conviction, Trump maintained his innocence and called the trial outcome a “disgrace.”
Trump declared, “This is a rigged trial by a corrupt and conflicted judge. “This was done by the #Biden government to hurt or injure a political opponent [...] The real trial will take place on November 5 by the people.”
According to coingecko, more than $130 million was wiped off the market capitalization of the Donald Trump-linked #MAGA (TRUMP) token in a short period of 20 minutes after the news, plummeting from 13.48 USD down to 11.27 USD. However, its price has quickly recovered and is currently at $14.70 at the time of writing – and is just 1.5% away from reclaiming its 24-hour high of $14.92.
TRUMP began trending down two hours before the verdict as jury deliberations stretched into the 11th hour of two days. Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced similar drops in coverage but did not recover to the same extent as TRUMP.
Biden-related coins initially spiked, then gradually declined. Jeo Boden (BODEN), a memecoin related to Trump's political opponent Joe Biden, initially rose 6.4% before falling to $0.283 – even lower than its price before Trump's conviction , according to CoinGecko.
Crypto gamblers using blockchain-based prediction market Polymarket still predict Trump will defeat Biden in the upcoming election on November 5 – with a win rate of 54% compared to Biden's 40%. .
What happens next in Trump's lawsuit
Trump's case now moves to the sentencing phase, largely controlled by Judge Juan Mercan. Mercan can set a deadline for both sides to submit sentencing memoranda, with each side arguing the punishment they seek.
But Trump's ruling could continue to "fuel the fire of division," U.S. Attorney John Deaton said, expressing concern about the country's direction. Trump has stepped up his efforts to win over the cryptocurrency industry in recent months. He pledged support for Bitcoin and other cryptocurrencies of the 50 million cryptocurrency holders in the country.
In April, he hosted a dinner with dozens of token enthusiasts who bought his NFT Mugshot, vowed to “make NFTs great again” and promised to keep businesses and local industry innovator if elected.
