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The aftermath of former President Donald Trump’s hush money trial has sent shockwaves through the world of political memecoins, with prices experiencing dramatic fluctuations in response to the jury’s verdict.
After a Manhattan jury found Trump guilty on 34 felony counts of falsifying business records, the market saw a surge in the token known as FreeTrump ($TRUMP), which spiked an astonishing 330% to trade at $0.019 within a single day. As reported by CoinGecko, a leading crypto price tracker. Similarly, the token Jeo Boden (BODEN) saw a notable rise of 9.2% during the same period, reaching $0.3319.
However, the positive momentum was short-lived for many Trump-related political memecoins, as prices dipped following news of Trump’s sentencing. The MAGA (TRUMP) token, linked to a wallet associated with the former president holding 580,000 coins, experienced a significant decline of 16.2% in the past day, plummeting to $11.54. Additionally, MAGA VP (MVP), a token presumably connected to Trump’s potential vice presidential pick. Suffered a similar fate, dropping 16.5% to approximately $0.48.
Cryptocurrency Reacts to Historic Verdict
Overall, the market capitalization of political finance memecoins, dubbed PolitiFi, saw a marginal decrease of 0.1% within the past day, totaling around $1.56 billion, according to CoinGecko’s findings.
Trump’s Guilty Verdict: On May 30, a Manhattan jury delivered a historic verdict, finding the former president guilty on 34 counts of falsifying business records. These charges stemmed from his lawyer, Michael Cohen, arranging a $130,000 payment to an adult actress in the lead-up to the 2016 presidential election. Trump’s sentencing is scheduled for July of this year, with a potential sentence of up to four years in prison.
This trial marks a significant moment in history, as it represents the first instance of a former United States president being tried and convicted on criminal charges.
Cryptocurrency and Trump’s Public Image: Beyond the legal implications, Trump’s association with cryptocurrency has also made headlines. Trading volume for the “Trump Digital Trading Card Collection” witnessed a staggering 99% decline ahead of his April criminal trial. Originally unveiled by his team in December 2022, the collection consisted of 45,000 NFTs priced at $99 per token. As previously reported by The Block.
As speculation swirls about Trump’s future. The volatile nature of political memecoins underscores the complex relationship between digital assets and high-profile political events.