Memecoin News
The value of Trump Meme Coins drops significantly after conviction on 34 felony charges – Decrypt.
May
The value of meme coins related to Trump has significantly dropped following the verdict.
Cryptocurrencies with humorous or satirical themes often experience fluctuations in value due to the changing attitudes of traders. This trend was evident on Thursday when prices for coins inspired by Donald Trump decreased significantly following the news of his conviction on 34 felony counts.
According to data from CoinGecko, MAGA, the top meme coin associated with Trump and identified as TRUMP, experienced a significant drop in value of approximately 25% from $15 to $11.27 within an hour after the verdict was announced. Currently, it has slightly recovered to $12.37 at the time of writing.
Lower-valued Trump-themed digital currencies are experiencing significant decreases at this time. MAGA Hat (MAGA) has decreased by 16% in the last hour, while Super Trump (STRUMP) has also fallen by 16% and MAGA VP (MVP) has dropped by 22% in only an hour.
Doland Tremp (TREMP) is a Trump-inspired coin that has seen fluctuation in value due to traders buying and selling on the Solana token. However, not all Trump-themed coins have experienced the same impact. In the last hour, TREMP has remained relatively stable, despite intentionally misspelling the name as a tribute to Trump.
Former U.S. president Trump has been convicted on 34 felony charges related to the case involving “hush money.” It was alleged that he manipulated business records and paid to conceal media exposure of his relationship with adult entertainer Stormy Daniels. He is the first U.S president in history to be found guilty of a felony.
The Republican candidate expected to receive the nomination for the upcoming presidential election has refuted the allegations and referred to the legal proceedings as “rigged” in his remarks following the ruling.
According to data from Yahoo Finance, shares of Trump Media & Technology Group (DJT) on the Nasdaq dropped by 9% during after-hours trading.
Following the decision, there has been an increase in the popularity of Meme coins, which were initially inspired by former U.S. President Donald Trump’s main political opponent, current President Joe Biden. The top-ranked coin in terms of market value, Jeo Boden (BODEN), has reached a record-breaking high.