Trump’s conviction affects political memecoins

The hush money case proved former United States President Donald Trump guilty in a historical trial.

As expected, the verdict pushed the political memecoins related to personality into chaos. The Manhattan jury deemed Trump guilty of a whopping 34 felony counts. 

In related news, a token named $TRUMP (FreeTrump) jumped 330% to hit $0.019 in the past 24 hours. Similarly, the BODEN token also surged 9.2% at the same time to hit $0.3319.

However, the majority of the Trump-associated memecoins witnessed a natural dip after the verdict. The TRUMP (MAGA) token, which is indirectly affiliated with the former president, dropped 16.2% in the past 24 hours to hit $11.54.

MVP (MAGA VP), another coin affiliated with Trump’s vice presidential pick, dropped 16.5% to hit $0.48 in the past 24 hours. Overall, the PolitiFi memecoin market cap has dropped 0.1% to hit $1.56 billion in the past day alone. 

Coming back to the trial, the jury found Trump guilty on May 20 of 34 felony counts. These charges included Michael Cohen, Trump’s lawyer, paying $130,000 to an adult actress ahead of the 2016 presidential election.

The former president will receive his sentence in July of this year. The verdict dictates that the political figure can face up to four years in prison.

This is the first time a former US president has been tried and convicted on criminal charges, making the trial historic. There is no saying as to how the verdict will define Trump’s future.

However, it is safe to state that Trump’s affiliation with cryptocurrencies might be coming to a halt. The Trump Digital Trading Card Collection dropped a whopping 99% before the trial started in April.

In December 2022, the NFT collection made its debut at a price of $99 per token. Now, the collection, along with several other crypto projects associated with the former president, have lost most of their value. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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