Previously, US presidential candidate Trump faced 34 felony charges for allegedly forging business documents to conceal hush money payments to an adult film actress. After a trial lasting over a month, the verdict was announced yesterday. The result is that all 34 felony charges of forging business records have been proven and now enter the sentencing phase. However, despite being convicted, Trump still maintains his innocence and calls the trial result a “shame”. Trump stated:
Within just 20 minutes after the news broke, the market value of the related meme coin MAGA (TRUMP) evaporated by over $130 million, dropping from $13.48 to $11.27. However, the token price quickly rebounded and is currently at $14.8.
Other Trump-related concept coins with lower market values, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced similar declines after the news, but they did not recover like TRUMP did.
Biden-related tokens initially rose and then fell
Meanwhile, the largest meme coin related to Biden, Jeo Boden (BODEN), saw a 6.4% increase within the first 15 minutes after the news was released. However, the upward momentum could not be sustained, and it fell back to $0.283, even lower than the price before Trump was convicted.
The prediction market on Polymarket still believes that Trump will defeat Biden in the November 5th election, with Trump’s winning chances at 54% and Biden’s at 40%.
