Trump-Linked Meme Coin TRUMP Recovers After Felony Verdict Amid MAGA Coin Surge

Following a felony conviction, Donald Trump's meme coin, TRUMP, swiftly recovered after an initial 16% drop, showcasing resilience in the volatile cryptocurrency market.

Trump's TRUMP Coin Recovers After 16% Drop Post-Verdict, Surpassing $14 Amid Sentencing Phase

In a recent report by Cointelegraph, the most prominent meme coin associated with Donald Trump, the candidate for president of the United States, has recovered from a 16% drop shortly after he was found guilty of 34 felonies for falsifying business records.

The sentencing phase of the case about Trump's concealment of a hush money payment to adult entertainment sensation Stormy Daniels has now commenced.

Notwithstanding his conviction, Trump asserted his innocence and characterized the trial's verdict as a "disgrace."

"This was a rigged trial by a conflicted judge who was corrupt," Trump said

"This was done by the Biden administration to wound or hurt a political opponent [...] The real trial is going to be November 5 by the people."

According to CoinGecko, the Donald Trump-affiliated MAGA (TRUMP) token experienced a depreciation of over $130 million in the twenty minutes following the news release. Its value dropped from $13.48 to $11.27.

Nevertheless, the stock's value swiftly recovered and is presently $14.70 as of this writing; it is now 1.5% away from surpassing its twenty-four-hour high of $14.92.

Trump's stock price had already declined two hours before the guilty verdict when the jury deliberated for eleven hours over two days.

On the news, Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced comparable declines, but their recoveries were not as substantial as those of TRUMP.

Biden-Linked BODEN Coin Surges Briefly Before Drop, Trump Coin Recovers Amid Sentencing Phase

CoinGecko reports that the Jeo Boden (BODEN) memecoin, associated with Joe Biden, a political adversary of Trump, experienced a brief 15-minute surge of 6.4% followed by a divestment to $0.283. This price is even lower than its pre-Trump conviction level.

Utilizing the blockchain-driven prediction market, crypto gamblers Polymarket continues to project that Trump will prevail over Biden in the forthcoming election on November 5, offering 54%-win odds in contrast to Biden's 40%.

Trump's case has now progressed to the sentencing phase, where Judge Juan Merchan will predominate.

Merchant will establish time constraints for the parties to submit sentencing memorandums, which consist of arguments supporting each side's preferred punishment.

However, the Trump verdict will "add fuel to the fire of division," according to U.S. attorney John Deaton, concerned about the nation's direction.

On May 3, Deaton told Cointelegraph at Consensus, "You're going to get both sides more entrenched" in the run-up to the November election.

In recent months, Trump has intensified his endeavors to gain the support of the cryptocurrency industry.

He assured the nation's fifty million cryptocurrency holders that he would uphold their right to self-custody Bitcoin and other coins.

During a dinner in April, he welcomed dozens of nonfungible token devotees who had purchased his Mugshot NFT. At the event, he asserted that he had "rekindled interest in NFTs" and pledged to support domestic industry businesses and innovators should he be elected.

Photo: Gage Skidmore, CC BY-SA 2.0, via Wikimedia Commons