Prior to this, US presidential candidate Trump faced 34 felony charges for allegedly falsifying business documents to conceal hush money payments to an adult film star, after a trial lasting over a month, the verdict was announced yesterday.
The outcome revealed that all 34 felony charges of falsifying business records were proven and entered the sentencing phase. However, despite being convicted, Trump still insists he is innocent and called the trial result a “disgrace.”
Within just 20 minutes of the news breaking, the market value of the related meme coin MAGA (TRUMP) token plummeted by over $130 million, dropping from $13.48 to $11.27. However, the token price quickly rebounded, currently at $14.8.
Other lower-value Trump concept coins, Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced similar declines after the news, but failed to recover like TRUMP.
Biden-related concept coin, Jeo Boden (BODEN), initially rose by 6.4% within the first 15 minutes after the news release, but the upward momentum did not sustain and fell back to $0.283, even below the price before Trump’s conviction.
Predictions on the Polymarket prediction market still believe that Trump will defeat Biden in the election on November 5, with Trump’s odds at 54% and Biden at 40%.