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Donald Trump’s Maga Coin Rebounds by 12% Following Guilty verdict, Other Political Memecoins Surge

Last Updated May 31, 2024 9:30 AM
Teuta Franjkovic
Last Updated May 31, 2024 9:30 AM

Key Takeaways

  • Despite initial losses following Trump’s felony conviction, his meme coin, TRUMP, quickly rebounded.
  • Most Trump-themed meme coins experienced significant declines following the guilty verdict.
  • While many Trump-themed coins saw their values decrease a few recorded gains, indicating a mixed response among traders.

After plummeting over 15%, Donald Trump’s meme coin, MAGA, quickly rebounded in the wake of his felony conviction, seemingly demonstrating a modicum of support for the former president in the crypto sphere despite initial losses.

Most elections-themed coins witnessed sharp declines, with some dropping significantly within an hour.

Trump-Themed Meme Coins Experience Market Turbulence

Just a day earlier, Donald Trump-themed meme coins suffered notable losses after the former US president was found guilty on 34 felony charges.

MAGA, the largest of these coins by market cap, fell from $15 to $11.27 shortly after the verdict, as reported by CoinMarketCap. It has since recovered  to $13.64 at the time of writing. Other Trump-themed coins  still face sharp declines, with some experiencing significant drops within the hour.

Lesser-known Trump-themed coins also experienced notable declines. Trump’s Hat (MAGA)  fell by 10%, Super Trump (STRUMP)  dropped by over 22%, and MAGA VP plummeted by 30%.

According to CoinMarketCap, the Jeo Boden (BODEN)  memecoin, tied to Joe Biden, saw a brief 15-minute increase of 6.4% before dropping to $0.287, a value lower than its level before Trump’s conviction.

Not all Trump-themed coins faced declines, however. Doland Trump (TREMP) , an intentionally misspelled tribute coin, jumped by over 11% in the last 24 hours. This surge indicates that some traders continue to speculate on the Solana token despite the broader market downturn.

Smart Trader Earns $167K from Trump-Themed Meme Coins Amidst Guilty Verdict News

Following Trump’s guilty verdict, the cryptocurrency market saw the creation of several Trump-themed meme coins. A savvy trader capitalized  on this development, earning approximately $167,000 by trading the meme coins FREE TRUMP ($FREE) and NEVER SURRENDER ($TRUMP) over a span of just five hours.

The trader invested 85 SOL (around $14,600) into $FREE and later sold the holdings for 814 SOL (approximately $140,000), netting a profit of 729 SOL ($125,000). Additionally, the trader spent 72 SOL ($12,300) on $TRUMP and sold it for 315 SOL ($54,000), earning a profit of 243 SOL ($42,000).

Trump’s Legal Battle Moves to Sentencing Phase

On the blockchain-driven prediction market, Polymarket, crypto enthusiasts continue to forecast that Trump will outperform Biden in the upcoming election on November 5, offering odds of 54%  for a Trump victory compared to Biden’s 40%.

Trump memecoins mixed
Credit: Polymarket

The legal proceedings against Trump have moved into the sentencing phase, with Judge Juan Merchan presiding. He is expected to set deadlines for the parties to submit sentencing memorandums, in which each side will present arguments supporting its preferred punishment.

The case involving Trump pertains to him concealing a ‘hush money’ paymen t to adult entertainment star Stormy Daniels  and is now proceeding to sentencing.

Despite the conviction, Trump continues to assert his innocence and has labeled the outcome of the trial a disgrace.

Trump criticized the trial, describing it as rigged and overseen by a corrupt and conflicted judge.

Ramping Up Campaign Efforts to Attract Crypto Industry Support

Recently, Trump has intensified his efforts to appeal to the cryptocurrency industry. During his campaign, Donald Trump mentioned that if his supporters couldn’t donate using cryptocurrency, he would enable them to do so. He also criticized President Joe Biden for his purported lack of understanding of cryptocurrency, proposing that crypto supporters should vote for him.

When discussing how to retain crypto businesses in the United States, Trump reiterated his commitment to keeping the sector within the country. He emphasized his intention to prevent crypto companies from moving abroad due to unfavorable conditions domestically. Trump asserted that cryptocurrency should be retained within the US if it is to be embraced.

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