MAGA VP

Super Trump Coin

Joe Biden

Doland Tremp

MAGA

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 <a href="https://edition.cnn.com/2024/05/31/politics/trump-conviction-heralds-a-somber-and-volatile-moment-in-american-history/index.html" target="_blank" rel="noopener nofollow">guilty verdict on 34 felony charges</a>, 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. 
<h2 id="strong-trump-meme-coins-take-a-beating-following-guilty-verdict-strong">Trump Meme Coins Take A Beating Following Guilty Verdict</h2> 
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<a href="https://coinmarketcap.com/currencies/super-trump-io/" target="_blank" rel="noopener nofollow"> (STRUMP) dropping 15%,</a> and MAGA Hat (MAGA) falling 14%. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-303007" src="https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324" alt="" width="1024" height="324" srcset="https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324?w=1109 1109w, https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/05/a_8df5aa.png?resize=1024%2C324?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The market reaction to <a href="https://www.theguardian.com/us-news/article/2024/may/30/trump-trial-hush-money-verdict" target="_blank" rel="noopener nofollow">Trump’s legal issues</a> also contrasts sharply with the performance of meme coins inspired by current US President Joe Biden <a href="https://coinmarketcap.com/currencies/jeo-boden/" target="_blank" rel="noopener nofollow">(BODEN)</a>. Following the verdict, Biden-themed coins saw an increase in value, highlighting how political events can influence cryptocurrency values in different directions. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-303016" src="https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327" alt="" width="1024" height="327" srcset="https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327?w=1113 1113w, https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/05/a_612912.png?resize=1024%2C327?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
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. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/dukjstUW/" width="2475" height="1163"> 
<h2 id="strong-trump-s-stormy-legal-battle-strong">Trump’s Stormy Legal Battle</h2> 
The repercussions of Trump’s guilty verdict extend beyond the meme coin market. Trump Media &amp; Technology Group (DJT) shares on the Nasdaq also saw a significant drop, falling 8% in extended trading. 
The case, which alleged that Trump falsified business records and paid to bury press coverage of an affair with <a href="https://www.nbcnews.com/politics/donald-trump/donald-trump-verdict-hush-money-trial-rcna152492" target="_blank" rel="noopener nofollow">adult entertainer Stormy Daniels</a>, marks a historic moment as Trump becomes the first US president ever to be found guilty of a felony. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-303009" src="https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683" alt="" width="1024" height="683" srcset="https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=1200 1200w, https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=630 630w, https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/05/A_74b2ea.jpg?resize=1024%2C683?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
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. 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

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

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Bitcoinist

Ďalšie články zverejnené 31. 5. 2024

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