Former U.S. President Donald Trump, the controversial figure, is yet again in trouble, and this is big. The 2024 US Election candidate was found guilty by a Manhattan jury on 34 felony charges related to the “hush money” case.
The major shockwave received by meme coins, known for their volatile nature, saw dramatic shifts on Thursday. Prices of Donald Trump-themed coins plummeted after this, highlighting how trader sentiment can quickly impact the value of these coins.
The recent guilty verdict against former U.S. President Donald Trump significantly impacted the market for meme coins associated with him. The TRUMP meme coin plummeted by as much as 35% after the announcement, though it quickly rebounded and nearly regained its prior peak. In total, over $130 million was wiped from the TRUMP token’s market cap within a short 20-minute span following the news, as reported by CoinGecko. The price of the TRUMP token has since recovered and is now close to its 24-hour high.
Other Trump-themed tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also saw similar declines but didn’t recover as well. Interestingly, the Joe Biden-associated meme coin, Jeo Boden (BODEN), briefly rose by 6.4% after the verdict but soon dropped below its pre-verdict price.
The broader market for political finance (PolitiFi) meme coins saw a slight decline, with a 0.1% drop in market cap, bringing the total value to about $1.56 billion.
The legal troubles have also affected Trump’s cryptocurrency projects. The trading volume for his “Trump Digital Trading Card Collection” dropped by 99% before his April trial. Launched in December 2022, the NFT collection initially sold 45,000 tokens at $99 each.
On May 30, a Manhattan jury found Trump guilty of 34 counts of falsifying business records, linked to his lawyer’s payment of $130,000 to an adult film actress before the 2016 election. Trump insists he is innocent, claiming the trial is politically motivated.
He plans to challenge the decision, suggesting a “real trial” during the November election. The case now moves to the sentencing phase under Judge Juan Merchan, where both sides will present arguments for their preferred punishments through sentencing memorandums.
The verdict has intensified the political climate in the United States. Despite public discontent over Trump’s legal issues, the Oracle blockchain-powered Polymarket still predicts Trump will defeat Biden in the upcoming election.
Trump’s sentencing is scheduled for July, and he could face up to four years in prison, marking the first time a former U.S. president has been convicted of a crime. This trial may significantly impact his public image and cryptocurrency ventures.
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