The largest meme coin associated with U.S. presidential candidate Donald Trump has rebounded after a sharp 16% drop, triggered by his conviction on 34 felony counts of falsifying business records.
You can buy TRUMP on Bitrue
Trump Conviction and Price Analysis
Source: CoinGecko
The case centres on Trump concealing a hush money payment to adult entertainment star Stormy Daniels, with the proceedings now moving to sentencing.
Despite the conviction, Trump insists on his innocence, labelling the trial's outcome a “disgrace.”
"This was a rigged trial by a conflicted judge who was corrupt," Trump stated. "The Biden administration orchestrated this to wound or hurt a political opponent. The real trial will be on November 5 by the people."
In the wake of the news, over $130 million was erased from the market cap of the Donald Trump-linked MAGA (TRUMP) token within 20 minutes, plummeting from $13.48 to $11.27, as reported by CoinGecko. However, the token's price quickly bounced back, reaching $14.70 at the time of writing, just 1.5% below its 24-hour high of $14.92.
The TRUMP token had already started trending downward two hours before the guilty verdict as jury deliberations extended into the 11th hour over two days.
Similarly, Super Trump (STRUMP) and Baby Trump (BABYTRUMP) experienced sharp declines following the news but did not recover as robustly as TRUMP.
Biden-Related Meme Coin Went Up and Down
Source: CoinGecko
Meanwhile, the Jeo Boden (BODEN) meme coin, associated with Trump’s political rival Joe Biden, initially rallied by 6.4% in the first 15 minutes following the news. However, it soon dropped to $0.283, falling even lower than its price before Trump’s conviction, according to CoinGecko.
On the blockchain-powered prediction market Polymarket, crypto gamblers anticipate a Trump victory in the upcoming November 5 election. Trump is favoured with 54% win odds, compared to Biden’s 40%.
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