Meanwhile, the meme coin Jeo Boden (BODEN), linked to Trump's rival Joe Biden, rallied 6.4% before falling again.
The largest meme coin linked to US presidential candidate Donald Trump has recovered after plunging 16% moments after he was found guilty of 34 felony counts of falsifying business records.
The case is related to Trump hiding a hush payment to Stormy Daniels, which will now carry over into sentencing.
More than $130 million was wiped from the market cap of the Donald Trump-linked MAGA token (TRUMP) in a brief 20-minute window following the news, according to CoinGecko, going from $13.48 to $11.27.
However, its price rebounded just as quickly and is now at USD 14.70 at press time; and is now just 1.5% away from reclaiming its 24-hour peak of $14.92.
TRUMP had already started trending lower two hours before the guilty verdict.
Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also saw similar declines in the news but did not recover to the same extent as TRUMP.
The Biden-linked currency rose... but then fell. Meanwhile, the Joe Boden meme coin (BODEN) linked to Trump's political rival Joe Biden rose 6.4% in the first 15 minutes before falling to $0.283; even lower than its price before Trump's conviction, according to CoinGecko.
Cryptocurrency bettors using blockchain-based prediction market Polymarket still expect Trump to defeat Biden in the upcoming November 5 election; with victory odds of 54% compared to Biden's 40%.
What's next for Trump's court case?
Trump's case now moves to the sentencing stage, which will mostly be under the control of Judge Juan Merchan.
Merchan will likely set deadlines for the parties to submit sentencing memoranda in which each side presents arguments in favor of its preferred punishment.
Trump has stepped up his efforts to win over the cryptocurrency industry in recent months.
He said he would support the right of the country's 50 million cryptocurrency holders to self-custody of Bitcoin and other currencies.
In April, he hosted a dinner with dozens of non-fungible token enthusiasts who purchased his mugshot NFT, claiming that he "made NFTs cool again" and vowing to keep the industry's local companies and innovators in the country. if elected.
