After Donald Trump’s conviction, TRUMP token has recovered from a terrible dip
The largest meme coin has recovered after US presidential candidate Donald Trump was found guilty of 34 felony counts of falsifying business records, dropping 16 percent.
Trump's cover-up of hush money payments to pop star Stormy Daniels is now headed to trial.
Despite his conviction, Trump has maintained his innocence and called the trial's outcome “disgraceful.”
“This was a rigged trial by a corrupt judge,” Trump said
“This was done by the Biden administration to hurt or harm a political opponent. […] The real hearing is on November 5 by the people.”
Moving from $13.48 to $11.27, Donald Trump-linked MAGA (TRUMP) wiped out more than $130 million in a short 20-minute window.
However, the price recovered just as quickly and is now at $14.70 at the time of writing – and is now only 1.5% away from retrieving the 24-hour high of $14.92.
As jury deliberations reached the 11th hour in two days, TRUMP began to slide down the aisle two hours before his conviction.
SUPER TRUMP (STRUMP) and BABY TRUMP (BABYTRUMP) also recorded similar declines in the news, but did not recover to the same extent as TRUMP.
The Biden-related coin went up… then went down
Meanwhile, memecoin Joe Boden ( BODEN ), which is linked to Trump's political rival Joe Biden, rallied 6.4% in the first 15 minutes before falling to $0.283 — lower than its value before Trump's impeachment, according to CoinGecko.
Crypto gamblers using blockchain-powered prediction market Polymarket still expect Trump to beat Biden in the upcoming November 5 election – boasting a 54% chance of winning compared to Biden's 40%.
What's next for Trump's court case?
Trump's case now moves to trial, which will largely be overseen by Judge Juan Mershan.
Mershan may set a time limit for the parties to file sentencing orders within which each party can present arguments in favor of the sentence it prefers.
But U.S. Attorney John Deaton, who expressed concern about where the country is headed, said Trump's ruling “puts more gasoline on the dispenser.”
“You're going to make both parties stronger,” Deaton told Cointelegraph in a May 3 interview leading up to the November election.
Related: Donald Trump says his campaign will embrace crypto
Trump has stepped up his efforts to win over the cryptocurrency industry in recent months.
He said he supports the right of the country's 50 million cryptocurrency holders to self-regulate bitcoin and other coins.
In April, he hosted a dinner with dozens of die-hard token fans who bought his Mugshot NFTs, saying “NFTs have made it hot again” and promising local industry businesses and innovators should be selected.
Magazine: $2,500 Doco About FTX Drops On Amazon Prime … With Mom's Help
