Political memecoins heat up after jury finds Trump guilty in historic trial
Quick Take
- Political memecoins whipsawed following the guilty jury verdict in Trump’s hush money trial.
- One memecoin called “FreeTrump” surged 330% in the past day.
- The Trump hush money trial notes the first time a former United States president has been tried and convicted on criminal charges.
Political memecoins related to former United States President Donald Trump were wildly fluctuating after the conclusion of his hush money trial.
As a Manhattan jury found Trump guilty of 34 felony counts of falsifying business records, a token called FreeTrump ($TRUMP) spiked 330% to trade at $0.019 in the past day, according to the crypto price tracker CoinGecko. Additionally, the token Jeo Boden (BODEN) rose 9.2% in the same span to reach $0.3319.
However, many Trump-related political memecoins dipped after Trump's sentencing. The MAGA (TRUMP) token, of which a Donald Trump-related wallet holds 580,000 coins, fell 16.2% in the past day to reach $11.54. MAGA VP (MVP), a token suggesting a connection with Trump's potential vice presidential pick, also hit a price of around $0.48 after dropping 16.5% in the past day.
In all, the political finance (PolitiFi) memecoin market capitalization is down 0.1% in the past day to reach around $1.56 billion, CoinGecko found.
Trump found guilty
On May 30, a Manhattan jury found the former president guilty of 34 counts of falsifying business records. The charges pertained to Trump's lawyer, Michael Cohen, paying an adult actress $130,000 in the lead-up to the 2016 presidential election.
Trump's sentencing is set for July of this year, and he could face up to four years in prison.
The Trump hush money trial is considered historic because it marked the first time a former United States president has been tried and convicted on criminal charges.
While Trump's future remains unclear, his public image has already been wrapped up with cryptocurrency performance. Trading volume for the "Trump Digital Trading Card Collection" plummeted 99% ahead of Trump's April criminal trial.
His team initially unveiled the 45,000 NFT collection in December 2022 starting at $99 a token, The Block previously reported.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
