Tokens associated with Trump experienced a brief drop after he was found guilty, but quickly recovered. Meanwhile, a meme coin associated with Trump's political rival Joe Biden (Jeo Boden $BODEN) briefly rose 6.4% in the 15 minutes after the news broke, before falling back.
Meme tokens, the most popular token associated with U.S. presidential candidate Donald Trump, plunged 16% but quickly recovered after he was convicted of 34 felony counts of falsifying business records. The case involves Trump's hush money payment to adult entertainment star Stormy Daniels and concealing the fact. The case is now entering the sentencing phase.
Despite being found guilty, Trump has maintained his innocence and called the trial a "disgrace." Trump said it was a trial rigged by a conflicted, corrupt judge and that it was done by the Biden administration to hurt political opponents. Trump believes the real trial will be the people's vote on November 5.
Price impact of associated meme tokens
According to CoinGecko data, within 20 minutes of the news release, the Trump-related $MAGA (TRUMP) token lost more than $130 million in market value, with the price falling from $13.48 to $11.27. However, the price quickly recovered and is currently at $14.70, only 1.5% away from regaining its 24-hour peak of $14.92.
At the 11th hour into the second day of jury deliberations, the TRUMP token had already begun to fall. At the same time, Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced similar declines, but did not recover as quickly as TRUMP. $TRUMP
Meanwhile, the Biden-related Joe Biden ($BODEN) meme coin rose 6.4% in the first 15 minutes before falling to $0.283, even lower than the price before Trump was found guilty.
Cryptocurrency investors, on blockchain-powered prediction market Polymarket, predict that Trump will defeat Biden in the November 5 election with a 54% chance of winning, compared to Biden's 40%.
How will Trump's court case develop?
Trump's case is now entering the sentencing phase, which is mainly controlled by Judge Juan Merchan. Merchan may set a deadline for both parties to submit their respective sentencing opinions, that is, the reasons and basis for their reference to how the verdict should be made.
But American lawyer John Deaton said Trump's ruling would "add fuel to the fire" of an already divided society, and he expressed concern about the direction of the country.
“In the period leading up to the November election, the positions of both parties will become more firm,” Deaton said at the Consensus conference on May 3.
In recent months, Trump has stepped up his efforts to woo the cryptocurrency industry. He supports the rights of 50 million cryptocurrency holders in the United States to keep their own Bitcoin and other currencies. In April, Trump had dinner with dozens of non-fungible token enthusiasts who bought his Mugshot NFT, claiming that he made NFT popular again. At the same time, he promised to retain local industry companies and innovators if elected.
Conclusion:
News of Trump’s conviction quickly spread around the world and had a significant short-term impact on the meme token market. This rapid market reaction not only demonstrates the cryptocurrency market’s high sensitivity to political events, but also reflects its inherently speculative character.
As the Trump case continues to develop, this uncertainty may cause continued volatility in the market price of meme tokens related to it.
Therefore, investors should remain vigilant to this volatility and pay close attention to the impact of political events on the cryptocurrency market in order to make timely investment decisions. #特朗普 #迷因代币 #Memecoin
