"Felony Verdict Shocks Market: Trump-Themed Coins Plunge, $MAGA Coins Take a Hit!"
After Donald Trump was convicted of 34 felonies,
the market for meme coins themed after him has experienced huge volatility.
According to Coingecko, the largest Trump-themed coin by market capitalization, MAGA (ticker: TRUMP), plunged nearly 25% in a little over an hour, from $15 to $11.27, before rebounding to $14.74.
The verdict not only affected MAGA coins, but other Trump-themed meme coins were also not spared. MAGA Hat (MAGA) fell 16%, Super Trump (STRUMP) fell 16%, and MAGA Vice President (MVP) plunged 22%.
This highlights the high volatility of meme coins and their sensitivity to trader sentiment.
Despite the guilty verdict, Trump has maintained his innocence and called the trial "rigged." However, this has failed to calm market sentiment, causing the value of Trump-related financial assets to shrink significantly.
It's not just the memecoin market that's been affected, as shares of Trump Media Technology Group (DJT) on the Nasdaq also fell 9% in after-hours trading, reflecting investor concerns about the impact of the verdict.
The political storm not only hit Trump-themed coins, but also showed the close connection between financial assets and political events. Despite this, Trump has firmly claimed innocence and continued to rally support. At the same time, due to high traffic, Trump's crypto donation website crashed at one point, further exacerbating market volatility.
Investors, fasten your seat belts, this intertwined drama of finance and politics continues!
