Massive Meme Coin Volatility Following Donald Trump’s Conviction in Hush Money Trial: Details
TL;DR
- Donald Trump was found guilty of 34 charges related to falsifying business records in a hush-money trial involving porn star Stormy Daniels.
- His conviction was followed by volatility in meme coins linked to him and Joe Biden.
Trump Found Guilty
A Manhattan jury found Donald Trump guilty of all 34 charges of falsifying business records on Thursday (May 30). Thus, he became the first former president of America to be convicted of a felony.
The case was a hush-money trial involving Trump and the pornographic film actress Stormy Daniels. She previously claimed to have had sex with the billionaire prior to his 2016 election and accepted $130,000 from his former lawyer – Michael Cohen – in exchange for her silence. Trump denied the accusations.
The American attacked Judge Merchan, who presided over the case, calling the verdict a “disgrace.” The sentence is scheduled for July 11, with Trump facing possible time behind bars. However, legal experts believe a fine is the more likely outcome.
Some meme coins related to the former president and current presidential nominee from the Republican party experienced enhanced volatility following the court’s decision. MAGA (TRUMP) dumped from $13.50 to $11.20 minutes after the judge’s ruling. It later pumped by 50% to reach an all-time high of $16.80 before tumbling again. Currently, it hovers at approximately $13.90 (per CoinGecko’s data).
Donald Tremp (TREMP) also passed through ups and downs. Its value first tumbled by 5% and then rallied by 18% to $1.38. As of the moment, it stands at around $1.18 (a 6% increase on a daily scale).
Interestingly, one meme coin linked to Trump’s main opponent for America’s next president – Joe Biden – witnessed huge volatility, too. The price of Jeo Boden (BODEN) is down 15% on a daily basis.
Is Trump the Crypto Choice?
Despite his anti-crypto stance from years ago, Trump has recently presented himself as a supporter of the asset class. He started softening his tone earlier in 2024, saying he can “live” with Bitcoin (BTC).
A few weeks back, the American described himself as the right choice for those in favor of the cryptocurrency sector, adding that his opponent, Joe Biden, and his cabinet are against it:
“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
Trump went even further, promising to let BTC and crypto thrive in the US should he become America’s 47th president. He also said he will never allow the creation of a central bank digital currency (CBDC).
The presidential battle is expected to be quite contested. Some recent polls revealed that Trump might have the upper hand since he leads in five out of six swing states.
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