The response of the market to Trump’s legal problems also stands out from the behaviour of meme coins motivated by present US President Joe Biden (BODEN). Biden-themed coins gained value after the ruling, underscoring how political events may affect bitcoin values in several directions.
Trump-themed meme coins have lost value dramatically in response to Donald Trump’s recent legal problems. The market has reacted sharply following the guilty verdict on 34 criminal charges of the former US president, underscoring the erratic character of these specialized financial instruments. Using the ticker Trump, the MAGA coin lost 1/4 of its value and dropped from $15 to $11 soon after the outcome. The early decline highlights the sensitivity of these assets to political developments, even if it rebounced somewhat to $14.50.
Trump Meme Coins Take A Beating Following Guilty Verdict
Meme coins, well-known for their great volatility and reliance on trader mood, have once more shown their sensitivity to abrupt price swings depending on news events. Other coins bearing Trump themes also suffered notable losses; MAGA VP (MVP) fell by 20%. MAGA Hat (MAGA) sank 14%; Super Trump (STRUMP) dropped 15%.
STRUMP price drops in the last 24 hours. Source: CoinMarketCap
The response of the market to Trump’s legal problems also stands out from the behaviour of meme coins motivated by present US President Joe Biden (BODEN). Biden-themed coins gained value after the ruling, underscoring how political events may affect bitcoin values in several directions.
BODEN price up in the last week. Source: CoinMarketCap.
Not all Trump-themed coins, meanwhile, met the same end. Designed with intention for misspelling Trump, Doland Tremp (TREMP) was almost constant during the past hour. This performance difference implies that although general market mood affects these assets, individual coins might react differently depending on variables such market view, liquidity, and speculative trading activity.
Total crypto market cap at $2.4 trillion on the daily chart: TradingView.com
Trump’s Stormy Legal Battle
Trump’s guilty result has consequences beyond of the meme coin market. Declining 8% in prolonged trade, Trump Media & Technology Group (DJT) shares on the Nasdaq also showed a notable slump.
Alleging that Trump paid to hide press coverage of an affair with adult singer Stormy Daniels and manipulated company records, the case represents a historic event as Trump becomes the first US president ever found guilty of a felony.
Stormy Daniels. Photo credit: Markus Schreiber/Associated Press.
Trump has maintained his innocence in face of the market collapse, labelling the trial “rigged.” Still, his remarks have not lessened the market’s response, as seen by the declining value of Trump-themed meme coins and other financial assets connected to him.
Will Trump’s Conviction Sway Voters?
Different market reactions and uneven performance of meme coins highlight how erratic meme coin trading may be and how political events might affect money. The decline in Trump-themed coins following the guilty decision emphasises the intimate relationship between politics and the financial markets, therefore illustrating the complicated dynamics of modern financial environment.
Featured image from AP Photo/Seth Wenig/Pool, chart from TradingView