Donald Trump Crypto: Trump’s Conviction Drives Meme Coins Volatility
A few hours following the judge’s decision, MAGA (TRUMP) reached an ATH before declining.
Key Takeaways:
- In a hush-money trial involving porn star Stormy Daniels, Donald Trump was found guilty on 34 counts of falsifying business documents.
- Following his conviction, Joe Biden and him-related meme currencies saw volatility.
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Donald Trump Convicted
The 34 counts of fabricating corporate records were found guilty by a Manhattan jury on Thursday (May 30). In doing so, he made history as the first sitting U.S. president to face a criminal conviction.
Trump was embroiled in a hush-money trial with Stormy Daniels, an actress from pornographic films. She took $130,000 from the billionaire’s ex-lawyer, Michael Cohen, in return for her quiet about her alleged intercourse with him before he ran for office in 2016. The president rejected the charges.
The American accused the case’s presided over judge Merchan of being a “disgrace” and launched an assault on him. On July 11, the sentencing hearing will take place, and Trump may face jail time. But lawyers think a fine will happen more often.
Some meme coins associated with the former president and current Republican presidential candidate saw increased volatility after the court’s ruling. In the minutes following the judge’s decision, MAGA (TRUMP) fell from $13.50 to $11.20. After that, it surged 50% to a new all-time high of $16.80 before falling back down. According to CoinGecko’s data, it is currently hovering around $13.90.
Equally ups and downs were Donald Tremp’s (TREMP) life. Its value dropped 5% at first, but then surged 18% to $1.38. It has risen by 6% daily and is now trading at roughly $1.18.
Curiously, Joe Biden, Trump’s primary rival for the presidency of the United States, was also associated with one meme coin that saw extreme volatility. Every single day, the value of Jeo Boden (BODEN) drops by 15%.
Is Trump the Best Crypto Choice?
Even while Trump has long been opposed to cryptocurrency, he has lately portrayed himself as an advocate for the asset class. In early 2024, he began to soften his stance, stating that he is able to “live” with Bitcoin (BTC).
While his opponent, Joe Biden, and his cabinet are opposed to the cryptocurrency industry, the American recently claimed that he is the best option for people who support it:
“I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you like crypto in any form (and it comes in many different forms), if you are in favor of crypto, you better vote for Trump.”
Even further, should he become the 47th president of the United States, Trump has pledged to allow Bitcoin and other cryptocurrencies to flourish in the country. A central bank digital currency (CBDC) will never be created, he added.
It is anticipated that the presidential race would be highly competitive. Since Trump is ahead in five of the six swing states, he may have the upper hand, according to some recent polls.
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