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- Donald Trump-themed meme coins plummet following his guilty verdict on 34 felony charges, causing significant market volatility.
- MAGA coin’s price fell from $15 to $11.27, then rebounded to $14.74.
- Doland Tremp coin remained stable, showing mixed performance in Trump-themed coins.
Donald Trump-themed meme coins experience significant volatility following his guilty verdict on 34 felony charges.
Donald Trump-Themed Coins Plummet Amidst Guilty Verdict
Donald Trump-themed meme coins have experienced a significant drop in value following the former U.S. president’s guilty verdict on 34 felony charges. MAGA, the largest Trump-themed coin by market cap, plunged from $15 to $11.27 shortly after the verdict, according to CoinGecko. It has since rebounded slightly to $14.74. Other Trump-themed coins have similarly taken a hit, with some experiencing substantial declines within the hour.
Market Reaction and Volatility
The MAGA coin, which uses the ticker TRUMP, saw a nearly 25% dip in just over an hour. This sharp decline reflects traders’ reactions to the verdict. Similarly, less-capitalized Trump-themed coins also suffered significant losses. MAGA Hat (MAGA) fell 16%, Super Trump (STRUMP) dropped 16%, and MAGA VP (MVP) plummeted by 22%. The sudden price drops highlight the volatility of meme coins and their dependence on trader sentiment.
Trump Maintains Innocence Despite Verdict
Donald Trump was found guilty on all 34 felony charges related to the “hush money” case. The case alleged that Trump falsified business records and paid to bury press coverage of an affair with adult entertainer Stormy Daniels. This makes Trump the first U.S. president ever to be found guilty of a felony. Following the verdict, Trump maintained his innocence and called the trial “rigged.” His comments have not mitigated the market’s reaction, as evidenced by the plummeting value of Trump-themed meme coins and other financial assets associated with him.
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Impact on Broader Markets
In addition to the meme coin market, Trump Media & Technology Group (DJT) shares on the Nasdaq also saw a significant drop. The shares fell 9% in after-hours trading, reflecting investor concerns about the verdict’s implications. The verdict has had a wide-ranging impact on markets tied to Trump, highlighting the interconnectedness of financial assets and political events.
Conclusion
While Trump-themed coins faced a significant decline, meme coins inspired by current U.S. President Joe Biden increased after the verdict. This change in market sentiment underscores how political events can impact cryptocurrency values. On Polymarket, a blockchain-powered prediction platform, traders still bet on Trump to defeat Biden in the upcoming presidential election. Despite the guilty verdict, Trump has a strong lead with 56% odds of winning, compared to Biden’s 38%.
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