Trump Meme Coins Crash After Conviction In Stormy Hush-Money Case


In
a
dramatic
response
to
Donald
Trump’s
recent
legal
troubles,
Trump-themed
meme
coins
have
experienced
a
significant
drop
in
value.
Following
the
former
US
president’s

guilty
verdict
on
34
felony
charges,
the
market
has
shown
a
sharp
reaction,
highlighting
the
volatile
nature
of
these
niche
financial
assets.
The
MAGA
coin,
which
uses
the
ticker
TRUMP,
lost
a
quarter
of
its
value,
plunging
from
$15
to
$11
shortly
after
the
verdict.
Although
it
rebounded
slightly
to
$14.50,
the
initial
drop
underscores
the
sensitivity
of
these
assets
to
political
events.

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Trump
Meme
Coins
Take
A
Beating
Following
Guilty
Verdict

Meme
coins,
known
for
their
high
volatility
and
dependency
on
trader
sentiment,
have
once
again
demonstrated
their
susceptibility
to
sudden
price
changes
based
on
news
events.
Other
Trump-themed
coins
also
suffered
significant
losses,
with
MAGA
VP
(MVP)
plummeting
by
20%.
Super
Trump

(STRUMP)
dropping
15%,
and
MAGA
Hat
(MAGA)
falling
14%.

STRUMP price drops in the last 24 hours. Source: CoinMarketCap

The
market
reaction
to

Trump’s
legal
issues
also
contrasts
sharply
with
the
performance
of
meme
coins
inspired
by
current
US
President
Joe
Biden

(BODEN).
Following
the
verdict,
Biden-themed
coins
saw
an
increase
in
value,
highlighting
how
political
events
can
influence
cryptocurrency
values
in
different
directions.

BODEN price up in the last week. Source: CoinMarketCap.

Meanwhile,
not
all
Trump-themed
coins
experienced
the
same
fate.
Doland
Tremp
(TREMP),
an
intentionally
misspelled
Trump
tribute
coin,
remained
nearly
stable
over
the
past
hour.
This
divergence
in
performance
suggests
that
while
market
sentiment
broadly
impacts
these
assets,
individual
coins
can
behave
differently
based
on
factors
like
market
perception,
liquidity,
and
speculative
trading
behavior.

Total crypto market cap at $2.4 trillion on the daily chart: TradingView.com


Trump’s
Stormy
Legal
Battle

The
repercussions
of
Trump’s
guilty
verdict
extend
beyond
the
meme
coin
market.
Trump
Media
&
Technology
Group
(DJT)
shares
on
the
Nasdaq
also
saw
a
significant
drop,
falling
8%
in
extended
trading.

Coinbase Banner  

The
case,
which
alleged
that
Trump
falsified
business
records
and
paid
to
bury
press
coverage
of
an
affair
with

adult
entertainer
Stormy
Daniels,
marks
a
historic
moment
as
Trump
becomes
the
first
US
president
ever
to
be
found
guilty
of
a
felony.

Stormy Daniels. Photo credit: Markus Schreiber/Associated Press.

Despite
the
market
downturn,
Trump
has
maintained
his
innocence,
calling
the
trial
“rigged.”
His
comments,
however,
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.


Will
Trump’s
Conviction
Sway
Voters?

The
mixed
performance
of
meme
coins
and
different
market
reactions
show
how
unpredictable
meme
coin
trading
can
be
and
how
political
events
can
impact
finances.
The
drop
in
Trump-themed
coins
after
the
guilty
verdict
highlights
how
financial
markets
and
politics
are
closely
linked,
demonstrating
the
complex
dynamics
in
today’s
financial
world.

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Trump’s
nomination
for
the
Republican
presidential
candidacy
is
imminent,
coinciding
with
his
sentencing.
Polls
show
him
in
a
close
race
with
Biden,
but
there’s
evidence
that
a
felony
conviction
could
sway
voters,
with
exit
polls
and
surveys
indicating
a
significant
portion
of
Trump
supporters
reconsidering
their
allegiance
under
such
circumstances,
potentially
altering
the
electoral
landscape.


Featured
image
from
AP
Photo/Seth
Wenig/Pool,
chart
from
TradingView

Go to Source
Author: Christian Encila


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