Donald Trump's Conviction: Impact on Crypto Markets & 2024 US Election!
What Sparked TRUMP Coin's Dramatic Dive?
The meme coin linked to U.S. presidential candidate Donald Trump experienced significant ups and downs after his conviction on 34 felony counts for falsifying business records. The TRUMP coin's market cap plummeted by over $130 million in just 20 minutes, dropping from $13.48 to $11.27, according to CoinGecko. However, it quickly rebounded to $14.70, nearly regaining its 24-hour peak of $14.92.
Source: CoinGecko
Background of the Case
Trump’s charges relate to a hush money payment to adult entertainment star Stormy Daniels. Despite the conviction, Trump maintains his innocence, calling the trial a "disgrace" and alleging it was rigged by a biased judge. He claims the trial was orchestrated by the Biden administration to harm him politically, stating, "The real trial is going to be November 5 by the people."
Market Impact
Before the verdict, TRUMP had already started trending downward as jury deliberations stretched over two days. Other Trump-related meme coins like Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also fell but did not recover as strongly as TRUMP.
Biden-Linked Coin Fluctuations
Source: CoinGecko
Meanwhile, the Jeo Boden (BODEN) meme coin, linked to Trump’s rival Joe Biden, briefly rallied 6.4% before its value fell to $0.283, lower than its pre-conviction price.
Crypto Market Predictions
On the prediction market Polymarket, crypto gamblers still favor Trump to win the upcoming election on November 5, giving him a 54% chance compared to Biden’s 40%.
What’s Next for Trump’s Case
The case now moves to sentencing, overseen by Judge Juan Merchan. The judge will set deadlines for sentencing memorandums where both sides will argue for their preferred punishment.
Impact on the Nation
U.S. attorney John Deaton expressed concern that the verdict will deepen divisions in the country. "You're going to get both sides more entrenched," Deaton noted, especially as the November election approaches.
Trump’s Efforts in the Crypto Space
Trump has increased his efforts to gain support from the cryptocurrency industry. He has voiced support for the right of the country's 50 million cryptocurrency holders to self-custody their assets. In April, he hosted a dinner with NFT enthusiasts who bought his Mugshot NFT, claiming he “made NFTs hot again” and promising to support local industry businesses and innovators if elected.
Trump’s conviction has led to notable fluctuations in meme coin markets, reflecting political tensions and uncertainties. As the case moves forward, both the crypto market and the nation remain on edge, anticipating the impact on the upcoming election.
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