The Trump-related MAGA (TRUMP) meme coin has made a notable recovery following an initial 16% drop after former U.S. President Donald Trump was found guilty on 34 felony counts related to falsifying business records. This case, tied to a hush money payment to Stormy Daniels, has now progressed to the sentencing stage.
Despite the guilty verdict, Trump has vehemently maintained his innocence, describing the trial as “rigged” and politically motivated by the Biden administration. He positioned the upcoming November 5 election as the “real trial” by the public.
Following the conviction, the TRUMP token’s market cap saw over $130 million erased within 20 minutes, with its value plummeting from $13.48 to $11.27. However, the token quickly bounced back, climbing to $14.70, which is just shy of its 24-hour peak of $14.92.
Other tokens associated with Trump, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced declines but did not recover as robustly as the TRUMP token.
In contrast, the Joe Biden-linked Jeo Boden (BODEN) meme coin initially rallied by 6.4% following Trump’s conviction news but then dropped to $0.283, falling below its pre-conviction price.
Crypto Community’s Reaction
The crypto prediction markets have reacted to these developments, with Polymarket traders still favoring Trump over Biden in the upcoming presidential election, indicating a 54% probability of a Trump victory compared to Biden’s 40%.
Amidst his legal battles, Trump has intensified his efforts to appeal to the cryptocurrency community. He has advocated for the rights of America’s 50 million crypto holders to self-custody their assets and has engaged with NFT enthusiasts, promising to keep the crypto industry thriving within the U.S. if re-elected.
Looking Forward
As Trump’s case heads to sentencing, all eyes will be on Judge Juan Merchan, who will decide the timeline for the parties to submit their sentencing recommendations. The cryptocurrency market’s response to these political events highlights the intersection of politics, legal proceedings, and digital asset valuations.