The biggest meme coin linked to US presidential candidate Donald Trump has recovered after plummeting 16% after he was found guilty of 34 felonies for falsifying business records.
The case involving Trump’s concealment of hush money payments to adult entertainment star Stormy Daniels is now set to move to sentencing.
Despite the conviction, Trump maintained his innocence and called the trial outcome a “disgrace.”
President Trump said, “This trial was rigged by a conflicted and corrupt judge.”
“This is what the Biden administration has done to hurt or injure political opponents (…) The actual trial is scheduled for November 5th by the people.”
According to CoinGecko, the market capitalization of the Donald Trump-linked MAGA (TRUMP) token wiped more than $130 million in the 20 minutes after the news broke, rising from $13.48 to $11.27.
However, the price has bounced back quickly and currently sits at $14.70 at the time of writing, just 1.5% away from recovering the current 24-hour high of $14.92.
TRUMP had already begun to decline two hours before the guilty verdict as jury deliberations reached the 11th hour over two days.
STRUMP and BABYTRUMP also recorded similar declines in the news, but did not recover as much as Trump.
Biden-linked coin rises…
Meanwhile, the Jeo Boden (BODEN) memecoin linked to Trump’s political rival Joe Biden rose 6.4% in the first 15 minutes before falling to $0.283. According to CoinGecko, this is well below Trump’s pre-conviction price.
Cryptocurrency bettors using blockchain-based prediction market Polymarket still expect Trump to beat Biden in the upcoming election on November 5, with 54% ahead of Biden’s 40%. We are proud of our winning percentage.
What will happen to Trump’s court case?
Trump’s case has now moved to sentencing, which will be largely controlled by Judge Juan Mercan.
Merchan will set a deadline for each party to submit a sentencing memorandum presenting arguments in favor of their preferred punishment.
But the Trump ruling “will add more gasoline to the fire of division,” U.S. Attorney John Deaton said.
“Both sides will become more entrenched” ahead of the November election, Deaton told Cointelegraph on Consensus on May 30.
Related: Donald Trump says his campaign will embrace cryptocurrency
Trump has stepped up his efforts to dominate the cryptocurrency industry in recent months.
He said he would support the right of the country’s 50 million cryptocurrency holders to store their bitcoin and other coins in their own custody.
Last April, he hosted a dinner with dozens of non-fungible token enthusiasts who purchased his Mugshot NFTs, claiming he had “made NFTs hot again” and promising to keep local industrial companies and innovators in the country if elected. I did.
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