Previously, US presidential candidate Trump was accused of forging business documents to conceal hush money payments to adult film actress, resulting in 34 counts of felony charges. After a trial lasting over a month, the verdict was announced yesterday. The result was that all 34 counts of felony charges for forging business records were found to be true, and the case has now entered the sentencing phase. However, despite being convicted, Trump still maintains his innocence and describes the trial result as a “shame”. Trump stated:
Within just 20 minutes of the news breaking, the market value of the related meme coin MAGA (TRUMP) plummeted by over $130 million, dropping from $13.48 to $11.27. However, the price of the coin quickly rebounded and is currently at $14.8.
Other Trump-themed coins with lower market values, Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced similar declines after the news broke, but were unable to recover like TRUMP did.
Biden-related meme coin Jeo Boden (BODEN) initially rose by 6.4% within the first 15 minutes after the news was released, but the upward momentum did not continue and it fell back to $0.283, even lower than the price before Trump’s conviction.
Predictions on the forecasting market Polymarket still believe that Trump will defeat Biden in the election on November 5th, with Trump’s chances of winning at 54% compared to Biden’s 40%.
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