Trump Meme Coins (TRUMP) Crash Following 34 Felony Convictions: Market Reacts to Legal Verdict

• Cryptocurrency markets are experiencing significant volatility following recent legal developments involving former U.S. President Donald Trump.
• The prices of Trump-themed meme coins have plummeted dramatically in response to the news.
• Notably, the MAGA coin, the largest Trump-themed meme coin by market cap, saw a sharp decline of nearly 25% within an hour of the verdict.

Explore the latest turmoil in the cryptocurrency market as Trump-themed meme coins face a steep decline following the former president’s legal troubles.

Trump-Themed Meme Coins Plunge Amid Legal Verdict

The cryptocurrency market has been thrown into disarray following the announcement of former U.S. President Donald Trump’s guilty verdict on 34 felony charges. The charges, which relate to falsified business records and payments to suppress press coverage of an alleged affair, have had a profound impact on Trump-themed meme coins. The most significant of these, the MAGA coin (ticker: TRUMP), plummeted from approximately $15 to $11.27 shortly after the verdict was read, marking a nearly 25% drop in just over an hour. Although it has since rebounded slightly to $12.37, the volatility has left investors reeling.

Impact on Other Trump-Themed Coins

Other Trump-themed meme coins have also experienced substantial declines. MAGA Hat (MAGA) and Super Trump (STRUMP) both fell by 16%, while MAGA VP (MVP) saw a more dramatic drop of 22% within the same timeframe. However, not all Trump-related coins have been equally affected. Doland Tremp (TREMP), a deliberately misspelled Trump tribute coin, has remained relatively stable, reflecting the erratic nature of trader sentiment in the Solana token market.

Market Reactions and Broader Implications

The repercussions of Trump’s legal troubles extend beyond meme coins. Shares of Trump Media & Technology Group (DJT) on the Nasdaq also experienced a significant decline, falling by 9% in after-hours trading according to Yahoo Finance. This broader market reaction highlights the interconnectedness of financial markets and the potential for legal and political events to trigger widespread volatility.

Rival Coins on the Rise

Interestingly, meme coins inspired by Trump’s political rival, current U.S. President Joe Biden, have seen an uptick in value. Jeo Boden (BODEN), the largest Biden-themed meme coin by market cap, has surged by 12% in the past hour. This contrasting performance underscores the highly speculative and sentiment-driven nature of meme coins, where market movements can be swift and unpredictable.

Conclusion

The recent legal developments involving Donald Trump have had a profound impact on the cryptocurrency market, particularly on Trump-themed meme coins. As the market continues to react to the news, investors are reminded of the inherent volatility and risk associated with these speculative assets. Moving forward, it will be crucial to monitor how these coins perform and whether they can recover from their recent declines. For now, the market remains on edge, with traders closely watching for any further developments that could influence sentiment and drive price movements.