As a crypto investor with experience in the market, I’ve learned to keep an eye on news and events that could potentially impact the value of various coins and tokens. The recent verdict against Donald Trump for falsifying business records has certainly caused some volatility in the market, particularly for meme coins related to him and his opponent, Joe Biden.
TL;DR
- Donald Trump was found guilty of 34 charges related to falsifying business records in a hush-money trial involving porn star Stormy Daniels.
- His conviction was followed by volatility in meme coins linked to him and Joe Biden.
Trump Found Guilty
A Manhattan jury found Donald Trump guilty of all 34 charges of falsifying business records on Thursday (May 30). Thus, he became the first former president of America to be convicted of a felony.
In a quietly conducted court case, Trump and Stormy Daniels, the pornographic film actress, were linked. Before Trump’s 2016 presidential win, Daniels alleged they had engaged in a sexual encounter. Subsequently, she received $130,000 from Cohen, Trump’s ex-lawyer, as compensation for her silence regarding this matter. Trump denied these allegations.
In an unprecedented move, the American accused Judge Merchan of presiding over a disgraceful verdict in our ongoing case. The sentencing for this matter is set for July 11, with potential consequences for Trump including imprisonment. Nevertheless, legal professionals anticipate that a fine may be the more probable resolution.
As a crypto investor, I’ve noticed that meme coins connected to the previous and current Republican party nominees for president have seen heightened volatility following the court’s decision. MAGA, which was trading at around $13.50 prior to the ruling, dropped to $11.20 within minutes of the announcement. Subsequently, it surged by 50% to reach a new peak of $16.80. Currently, its value hovers around $13.90, according to CoinGecko’s data.
I, as an analyst, can tell you that Donald Tremp (TREMP) experienced some fluctuations in its value. Initially, there was a 5% decline, followed by a surge of 18%, bringing the price up to $1.38. Currently, the stock is hovering around $1.18, which represents a daily increase of approximately 6%.
It’s intriguing that a meme coin associated with Trump’s presidential contender, Joe Biden, experienced significant price fluctuations as well. The value of BODEN (Joe Boden), in particular, has decreased by approximately 15% within the past day.
Is Trump the Crypto Choice?
As a crypto investor, I’ve noticed a shift in Trump’s stance towards cryptocurrencies. Despite his past criticism, he has more recently expressed support for the asset class. I recall him softening his tone as early as 2024 when he mentioned that he could “live with” Bitcoin (BTC).
A few weeks ago, the American candidate identified himself as the preferred option for those supporting the cryptocurrency industry. He emphasized that his rival, Joe Biden, and his team have expressed opposition to it.
“I’m content with the decision. I want to ensure it’s robust and sound, and I’m on board. If you have an affinity for cryptocurrency in any shape or form and support it, then consider voting for Trump.”
“Trump went beyond his previous statements, assuring me and the community that under his potential presidency as America’s 47th leader, Bitcoin and cryptocurrencies would flourish. However, he firmly expressed his intention not to introduce a Central Bank Digital Currency (CBDC) in the country.”
The upcoming presidential election is anticipated to be fiercely competitive. Several recent surveys have suggested that Trump may hold an advantage, as he currently tops the polls in five out of the six crucial swing states.
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2024-05-31 09:52