Political memecoins rally after Trump is found guilty in unprecedented trial
Crypto News– Political memecoins linked to former United States President Donald Trump experienced significant volatility following the conclusion of his hush money trial.
After a Manhattan jury found Trump guilty of 34 felony counts of falsifying business records, a token called FreeTrump ($TRUMP) surged by 330%, reaching $0.019 within the past day, according to the crypto price tracker CoinGecko. Meanwhile, another token, Jeo Boden (BODEN), saw a 9.2% increase, climbing to $0.3319 during the same period.
However, many Trump-related political memecoins saw a decline after the sentencing. The MAGA (TRUMP) token, which includes a wallet associated with Donald Trump holding 580,000 coins, dropped 16.2% to $11.54 in the past day. Similarly, MAGA VP (MVP), a token implying a connection to Trump’s potential vice-presidential pick, fell 16.5%, settling at around $0.48.
Overall, the market capitalization of the political finance (PolitiFi) memecoin sector decreased by 0.1% over the past day, totaling approximately $1.56 billion, according to CoinGecko.
Trump declared guilty
On May 30, a Manhattan jury convicted the former president on 34 counts of falsifying business records. These charges were related to Trump’s lawyer, Michael Cohen, paying an adult actress $130,000 in the run-up to the 2016 presidential election.
Trump’s sentencing is scheduled for July of this year, and he could face up to four years in prison.
The Trump hush money trial is considered historic because it marks the first time a former United States president has been tried and convicted on criminal charges.
While Trump’s future remains uncertain, his public image has already been intertwined with cryptocurrency performance. Trading volume for the Trump Digital Trading Card Collection plummeted 99% ahead of his April criminal trial.
Trump’s team initially launched the 45,000 NFT collection in December 2022, with each token priced at $99, as previously reported by The Block.
FAQs
What are political memecoins?
Political memecoins are cryptocurrencies that are created around political figures, events, or ideologies. These coins often reflect political sentiments and are used for speculative trading or as a form of political expression.
Why did political memecoins surge after Trump was found guilty?
The surge in political memecoins can be attributed to the increased attention and speculation following the historic trial. Market participants may react to significant political events by buying or selling these coins, causing price volatility.
What is the significance of Trump being found guilty?
This trial is historic because it marks the first time a former United States president has been tried and convicted on criminal charges. The guilty verdict has significant legal and political implications, affecting both Trump’s future and public perception.
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