Former U.S. President Donald Trump’s guilty verdict on 34 felony charges related to falsifying business records sent shockwaves through the cryptocurrency market, particularly impacting meme coins inspired by the former president and his political rival, Joe Biden.
TLDR
- The TRUMP meme coin plunged (as much as 35%) after former U.S. President Donald Trump was found guilty on 34 felony charges related to falsifying business records.
- Other Trump-themed meme coins like MAGA, Super Trump (STRUMP), and Baby Trump (BABYTRUMP) also dropped significantly after the verdict.
- In contrast, the Jeo Boden (BODEN) coin linked to President Joe Biden rallied initially but then fell back down.
- Despite the conviction, traders on the Polymarket prediction market still expected Trump to defeat Biden in the upcoming November election.
- Trump called the trial “rigged” and said the “real trial” would be the election on November 5.
The TRUMP meme coin, which is the largest Trump-themed coin by market capitalization, plunged by as much as 35% in the immediate aftermath of the verdict.
According to data from CoinGecko, the token’s price dropped from around $15 to $11.27 within a short 20-minute window, wiping out over $130 million from its market cap.
Other meme coins linked to Trump also took a significant hit. MAGA (with the ticker TRUMP) fell by nearly 25%, while MAGA Hat (MAGA), Super Trump (STRUMP), and MAGA VP (MVP) experienced declines ranging from 16% to 22% in the hour following the announcement.
On the flip side, the Jeo Boden (BODEN) coin, which is inspired by current U.S. President Joe Biden, initially rallied by 6.4% in the first 15 minutes after the verdict.
However, it soon reversed course and ended up trading lower than its pre-verdict level, according to CoinGecko data.
Despite the conviction, which made Trump the first U.S. president to be found guilty of a felony, traders on the blockchain-based prediction market Polymarket still expected him to defeat Biden in the upcoming November election. According to Polymarket data, Trump’s odds of winning stood at 54%, compared to Biden’s 40%.
In his comments following the verdict, Trump maintained his innocence and called the trial a “disgrace,” alleging that it was “rigged” by a “conflicted judge who was corrupt.”
He also claimed that the case was orchestrated by the “Biden administration” to “wound or hurt a political opponent,” adding that the “real trial” would be the election on November 5.
While the verdict and its implications for the upcoming election remain hotly debated, the impact on the cryptocurrency market was clear, at least in the short term.
The price movements of the various Trump and Biden-inspired meme coins reflected the shifting sentiment among traders in response to the high-profile legal case.
As the November election draws closer, it remains to be seen how the guilty verdict will ultimately shape the political landscape and influence the trading dynamics of these meme coins and other related digital assets.
