The largest memecoin associated with U.S. presidential candidate Donald Trump, MAGA (TRUMP), has recovered after initially dropping 16%.
The largest memecoin associated with U.S. presidential candidate Donald Trump, MAGA (TRUMP), has recovered after initially dropping 16% following his conviction on 34 felony counts of falsifying business records. The charges stem from Trump’s alleged concealment of a hush money payment to adult film star Stormy Daniels. With the case now moving towards sentencing, Trump continues to assert his innocence, calling the trial outcome a “disgrace.”
In a statement, Trump condemned the trial, labeling it as rigged and accusing the judge of corruption. He suggested that the Biden administration orchestrated the trial to undermine a political rival, asserting, “The real trial is going to be November 5 by the people.”
Following the news, the market cap of the largest Trump-linked token, TRUMP, plummeted by over $130 million in just 20 minutes, dropping from $14.88 to $11.31. However, the token quickly bounced back and is trading at $14.81 at the time of writing, up 6.43% on the day.
In contrast, the Biden-linked memecoin, Jeo Boden (BODEN), saw a brief rally of 6.4% following the news of Trump’s conviction, only to fall back to $0.283, lower than its pre-conviction price. Despite the legal turmoil, blockchain prediction market Polymarket still shows Trump holding a 54% chance of winning the upcoming election, compared to Joe Biden’s 40%.
Looking ahead, Trump’s case will proceed to sentencing, overseen by Judge Juan Merchan. The judge will set deadlines for sentencing memorandums where both sides will argue for their preferred outcomes. U.S. attorney John Deaton warned that the verdict could further inflame national divisions.
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