Trump-inspired meme coins have reacted to the guilty verdict, with most tokens down over the past hour since its announcement.
A New York jury found Donald Trump guilty on all 34 counts of falsifying business records to conceal a hush-money payment to adult-film actress Stormy Daniels just before the 2016 election. This verdict makes Trump the first former US president to be convicted of crimes as he faces current US President Joe Biden in November as the presumptive Republican nominee.
Prosecutors argued that Trump led a broader scheme to influence the election by concealing stories of his alleged sexual encounters with women. Trump has repeatedly claimed that the case as Democratic election interference, could be sentenced to as many as four years in prison but is certain to appeal and may remain free during the process. Trump has categorically denied having an affair with Daniels and falsifying records.
The conviction is one of the most critical moments in recent US political history, with voters deciding whether they want a convicted felon in the White House. Despite his history of legal and personal scandals, Trump retains a strong position in the Republican party, with his fundraising and political support remain strong, with many polls showing him leading Biden.
Trump and crypto
This election year, Trump has become an advocate for digital assets and crypto during his presidential campaign. Trump was previously known for his critical view of crypto. In February, the presidential candidate said that he “could live with it one way or the other.”
By May, Trump has turned around and vowed to end hostility to crypto from the US government, should he be elected. Trump later added he believes that the US “must be the leader in the field.”
Trump’s new position is marked by his acceptance of crypto donations for his campaign and his vocal support for the crypto industry. He has pledged to protect the rights of Americans to self-custody their digital assets and has promised to oppose regulatory measures that he believes stifle the industry’s growth.
These statements and positions from Trump come in as Biden, his rival, has softened his stance on crypto, following the House’ approval of the FIT21 bill, despite his initial opposition to it.
This pivot is part of a broader strategy to appeal to the 50 million crypto holders in the United States and to leverage the political influence of the growing crypto community. Trump’s embrace of crypto is also a direct challenge to the Biden administration’s regulatory approach, which he criticizes as hostile towards the industry. He has promised to “crush” what he describes as Biden’s anti-crypto stance and to prevent the creation of a central bank digital currency (CBDC).
Impact to elections and Trump-inspired meme coins
Trump-inspired meme coins such as TRUMP (MAGA) have reacted to the verdict, with the token down 18% over the last 24 hours, with a roughly 25% dip less than an hour before the announcement. Notably, though, the past hour since the jury’s findings have seen the token rebound by 2.4%. A recent chart from GeckoTerminal is shown below for reference.
TRUMP meme coin data less than an hour after the jury’s announcement.
Lower market cap meme coins inspired by Trump such as MAGA Hat and Super Trump (STRUMP) are both down by 16% (over an hour), with MAGA VP (MVP) down 22% over the same period. Notably, jeo boden, a meme coin inspired by Joe Biden, saw a brief surge during the same period, although this appeared to be short-lived as the token is still down 3% over the past 24 hours.
As the presumptive Republican nominee, Trump’s conviction is likely to have a significant impact on the 2024 presidential race. While his supporters may view the verdict as politically motivated, others may question his fitness for office given his criminal record.