Trump-Linked Meme Coin Recovers After Initial Fall Post Conviction; Crypto Gamblers Predict Trump Victory
Summary:
Following a guilty verdict against Donald Trump on 34 felony counts, the largest meme coin associated with him, MAGA, plummeted 16% but quickly bounced back. Other Trump-linked coins, Super Trump and Baby Trump, followed a similar pattern. Meanwhile, Joe Biden's meme coin, Jeo Boden, briefly rallied then declined. Despite the conviction, crypto gamblers predict a Trump victory in the coming election. Moving forward, the sentencing phase of Trump's court case will be mostly overseen by Judge Juan Merchan, while Trump continues to woo the crypto industry.
Following a 16% plunge upon the guilty verdict on 34 felony counts against US presidential candidate Donald Trump, the largest meme coin associated with him has managed a recovery. Trump was convicted for falsifying business records in an attempt to hide a hush money payment to adult film star Stormy Daniels. The upcoming phase will be sentencing. The MAGA, a token linked with Trump, saw over $130 million vanish from its market cap merely 20 minutes after the news broke, its value dropping from $13.48 to $11.27, as per CoinGecko. However, it swiftly rebounded and is currently valued at $14.70 — less than 1.5% short of its previous 24-hour high of $14.92.
Before the guilty verdict, the TRUMP's value had already begun to drop. Super Trump (STRUMP) and Baby Trump (BABYTRUMP), two other Trump-related coins, also slipped but their recovery was not as impressive.
Meanwhile, Joe Biden's affiliated memecoin, the Jeo Boden (BODEN), had a brief 6.4% rise but then decreased to $0.283 - a lower value than before Trump's conviction.
The Polymarket, a blockchain-enabled prediction market, shows crypto gamblers still predict a Trump victory in the forthcoming election on November 5, assigning him a 54% likelihood of winning as opposed to 40% for Biden.
Judge Juan Merchan will mainly oversee the sentencing phase of Trump's court case. Both parties are expected to submit sentencing memorandums, where they will advocate for their preferred punishments.
Recently, Trump's efforts to attract the crypto industry have increased, pledging to protect the rights of the US's 50 million crypto holders to self-custody Bitcoin and other coins. In April, he held a dinner with numerous nonfungible token enthusiasts who bought his Mugshot NFT, asserting his role in the resurgence of NFTs' popularity and promising to keep local industry businesses and innovators in the country if he wins the election.
Published At
5/31/2024 2:04:18 AM
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