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There has been market turbulence surrounding meme coins inspired by Donald Trump.

Following Trump’s conviction for a felony, his cryptocurrency, TRUMP, initially suffered losses but swiftly recovered. Other Trump-inspired cryptocurrencies also faced significant decreases in value after the verdict. However, a small number of these coins did see increases, suggesting a varied reaction among investors.

Following a significant drop of more than 15%, there was a swift recovery for the meme coin associated with Donald Trump, known as MAGA. This occurred after he was found guilty of a felony charge, indicating a small show of backing for the ex-president in the cryptocurrency community despite initial losses. Other coins related to the recent elections also experienced steep declines, with some decreasing rapidly in just one hour.

Clever Trader Makes $167K in Profit from Trump-Inspired Meme Coins After Guilty Verdict Announcement

Only 24 hours prior, meme coins based on Donald Trump faced significant declines following his conviction on 34 felony charges. According to CoinMarketCap, MAGA, the most valuable of these coins, dropped from $15 to $11.27 shortly after the verdict was announced. As of writing, it has rebounded to $13.64. Other coins inspired by Trump have also seen significant decreases, with some experiencing steep drops within just one hour.

Unpopular coins referencing Trump also saw significant decreases. MAGA (Make America Great Again) experienced a 10% loss, STRUMP (Super Trump) dropped by 22%, and MAGA VP (Vice President) plummeted by 30%. Meanwhile, CoinMarketCap reported that BODEN (referencing Joe Biden) saw a brief 6.4% increase before dropping to $0.287, less than its value before Trump’s conviction.

Some coins with a Trump theme did not experience declines. One specific coin, Doland Trump (TREMP), which intentionally misspells the name, saw an increase of more than 11% in the past day. This suggests that certain traders are still making speculations about the Solana token, despite the overall decrease in the market.

The legal dispute involving Trump has progressed to the stage of determining the appropriate punishment.

After Trump was found guilty, the cryptocurrency market saw an influx of meme coins inspired by him. One trader took advantage of this trend and made approximately $167,000 in just five hours by trading two of these meme coins, FREE TRUMP and NEVER SURRENDER. The trader initially invested 85 SOL, equivalent to about $14,600, in $FREE and later sold it for 814 SOL, worth around $140,000, resulting in a profit of 729 SOL or $125,000. They also bought $TRUMP for 72 SOL, worth $12,300, and sold it for 315 SOL, worth $54,000, earning a profit of 243 SOL or $42,000.

Ramping Up Campaign Efforts to Attract Crypto Industry Support

At Polymarket, a prediction market based on blockchain technology, followers of cryptocurrency are still predicting that Trump will have a better performance than Biden in the upcoming November 5th election. The odds currently stand at 54% for a Trump win, while Biden has odds of 40%. The legal case against Trump has now reached the sentencing phase, with Judge Juan Merchan overseeing the proceedings. It is anticipated that he will assign deadlines for both sides to submit sentencing memorandums, where they will each present their arguments for their preferred punishment.

The Trump case involves his hiding of a payment made to adult film actress Stormy Daniels, and is now moving towards sentencing. Despite being convicted, Trump maintains his innocence and has called the trial result a disgrace. He criticized the trial as being manipulated and overseen by a biased and compromised judge.

Donald Trump has been making a stronger push to gain support from the cryptocurrency industry. While running for office, he promised to allow his followers to donate using cryptocurrency if necessary. Additionally, he has attacked President Joe Biden for his supposed lack of knowledge about cryptocurrency, suggesting that crypto advocates should vote for him.

During the conversation about methods to maintain crypto enterprises in the United States, Trump restated his dedication to keeping the industry within the nation. He stressed his determination to stop crypto companies from relocating overseas due to unfavorable circumstances in the US. Trump declared that if cryptocurrency is going to be embraced, it should remain within the United States.