Trump memes come down as New York jury finds former president guilty of felonies

A New York jury found Donald Trump guilty on all 34 counts of falsifying business records to conceal hush money he paid to adult film star Stormy Daniels shortly before the 2016 election. The ruling makes Trump the first former U.S. president to be convicted of a crime when he ran against incumbent U.S. President Joe Biden as the Republican Party’s presumptive presidential nominee in November.

Prosecutors alleged that President Trump masterminded a wide-ranging plan to influence the election by covering up allegations of sexual contact with women. Trump has repeatedly insisted that he faces up to four years in prison for the Democratic election interference case, but is certain to appeal and may even be released in the process. Trump has flatly denied his relationship with Daniels and falsifying records.

The conviction marks one of the most important moments in recent American political history, with voters deciding whether they want a convicted felon in the White House. Despite his history of legal and personal scandals, Trump maintains a strong presence within the Republican Party, his fundraising and political support remain strong, and many polls show him ahead of Biden.

Trump and Cryptocurrency

In this election, Trump advocated for digital assets and cryptocurrencies during his presidential campaign. Trump was famous before, but Critical views on cryptocurrency. Last February, the presidential candidate said:You can live with it one way or another..”

By May, Trump had turned around. pledged to end hostilities If he is elected, he could receive cryptocurrency from the US government. Trump later said that the United States “Must be a leader in the field.”

Trump’s new stance is marked by accepting cryptocurrency donations for his campaign and speaking out against the cryptocurrency industry. He has pledged to protect Americans’ rights to self-manage their digital assets and has pledged to oppose regulatory measures he believes will hinder the growth of the industry.

Trump’s comments and stance come as his rival Biden softens his stance on cryptocurrencies following the House of Representatives’ decision. FIT21 bill approveddespite his initial opposition thereto.

The pivot is part of a broader strategy to appeal to the 50 million cryptocurrency holders in the U.S. and leverage the political clout of the growing cryptocurrency community. Trump’s embrace of cryptocurrency is also a direct challenge to the Biden administration’s regulatory approach, which he has criticized as hostile to the industry. He promised to “crush” Biden’s anti-crypto stance and prevent the creation of central bank digital currencies (CBDCs).

Election and its impact on Trump-inspired meme coins

Trump-inspired meme coins such as TRUMP (MAGA) reacted to the ruling, with the token falling 18% in the past 24 hours and falling around 25% less than an hour after the announcement. However, the token rebounded 2.4% in the last hour following the jury’s findings. For reference, a recent chart from GeckoTerminal is provided below.

Low-cap Trump-inspired meme coins such as MAGA Hat and Super Trump (STRUMP) both fell 16% (over the hour), while MAGA VP (MVP) fell 22% over the same period. In particular, Jeo Boden, a meme coin inspired by Joe Biden, saw a brief surge during the same period, but the gains were short-lived as the token is still down 3% in the last 24 hours.

The conviction of President Trump, the presumptive Republican presidential candidate, is expected to have a significant impact on the 2024 presidential election. While his supporters may see the ruling as politically motivated, others may question his fitness for office given his criminal record.