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Meme coins famously rise and fall based on shifting sentiment among traders—and on Thursday, the buzz around Donald Trump-themed coins is apparently rough, based on the plunging prices after the former U.S. president was found guilty on 34 felony charges.
MAGA, which is the largest Trump-themed meme coin by market cap and has the ticker TRUMP, plunged from a price of about $15 just before the verdict was read to a price of $11.27 soon after, per data from CoinGecko, reflecting a nearly 25% dip in just over an hour. It’s rebounded slightly to $12.37 as of this writing.
Less-capitalized Trump meme coins are similarly down big at the moment, with MAGA Hat (MAGA) down 16% in the past hour, Super Trump (STRUMP) also falling 16%, and MAGA VP (MVP) down by 22% in just an hour.
Not every Trump-themed coin has taken the same hit, however, with Doland Tremp (TREMP), an intentionally misspelled Trump tribute coin, nearly even over the past hour as it rises and falls as traders ape in and out of the Solana token.
Trump was found guilty on all 34 felony charges related to the “hush money” case, in which the former U.S. president was alleged to have falsified business records, and that he paid money to bury press coverage of an affair with adult entertainer Stormy Daniels. He’s the first U.S. president to ever be found guilty of a felony.
The presumptive Republican candidate for this year’s presidential election has denied the accusations, and called the trial “rigged” in comments following the verdict.
Shares of Trump Media & Technology Group (DJT) on the Nasdaq also plunged in after-hours trading, down 9% as of this writing per data from Yahoo Finance.
Meme coins inspired by Trump’s key rival, current U.S. President Joe Biden, are on the rise following the verdict. The largest by market cap, Jeo Boden (BODEN), has popped by 12% over the past hour.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/233146/trump-meme-coins-plunge-after-hes-found-guilty-on-34-felony-charges
