TLDR
- TRUMP token, tied to Donald Trump, experienced a 35% drop after he was found guilty on 34 felony counts but rebounded by 29% soon after.
- The price surge was backed by real demand, as indicated by the token’s momentum indicators, such as RSI, MFI, CMF, MACD, and Aroon.
- Other Trump-themed meme coins, like MAGA VP, Super Trump, and MAGA Hat, also saw significant losses following the verdict.
- In contrast, Biden-themed coins, such as BODEN, saw an increase in value, highlighting the impact of political events on cryptocurrency values.
- Trump’s legal issues also affected Trump Media & Technology Group shares, which fell 8% in extended trading on the Nasdaq.
The world of meme coins and politics collided dramatically on May 30th, 2024, as former U.S. President Donald Trump was found guilty on 34 felony counts related to falsifying business records in a hush-money case involving adult entertainer Stormy Daniels.
The verdict sent shockwaves through the cryptocurrency market, with Trump-themed meme coins experiencing significant volatility in the aftermath.
TRUMP, the memecoin tied to Donald Trump, saw an immediate 35% drop in value following the guilty verdict, reaching a low of $11.28.
However, the coin quickly rebounded, rising by 29% to trade at $14.60 at press time. This price surge was backed by a significant increase in demand from market participants, as evidenced by the token’s key momentum indicators.
The Relative Strength Index (RSI) and Money Flow Index (MFI) for TRUMP both indicated that buying activity outpaced token sell-offs.
Additionally, the Chaikin Money Flow (CMF) confirmed a net inflow of new money into the altcoin as buying pressure increased. The Moving Average Convergence/Divergence (MACD) indicator also showed a significant bullish influence in the meme coin’s market, with the MACD line resting above its signal and zero lines.
While TRUMP managed to recover, other Trump-themed meme coins were not as fortunate. MAGA VP (MVP) plummeted by 20%, Super Trump (STRUMP) dropped 15%, and MAGA Hat (MAGA) fell 14%
. This mixed performance highlights the unpredictable nature of meme coin trading and the impact of political events on the financial world.
Interestingly, meme coins inspired by current U.S. President Joe Biden experienced the opposite effect. Following the verdict, Biden-themed coins, such as BODEN, saw an increase in value, demonstrating how political events can influence cryptocurrency values in different directions.
The repercussions of Trump’s guilty verdict extended beyond the meme coin market, with Trump Media & Technology Group (DJT) shares on the Nasdaq falling 8% in extended trading.
This drop underscores the far-reaching impact of the former president’s legal troubles on various financial assets associated with him.
Despite Trump maintaining his innocence and calling the trial “rigged,” the market’s reaction to the guilty verdict was swift and significant.
The plummeting value of Trump-themed meme coins and other financial assets associated with him demonstrates the complex dynamics between politics and the financial world.
As Trump faces sentencing on July 11th, with the possibility of time behind bars or a fine, the cryptocurrency market will likely continue to react to developments in his legal battles.
Looking ahead, Trump’s nomination for the Republican presidential candidacy is imminent, coinciding with his sentencing.
Polls show him in a close race with Biden, but there’s evidence that a felony conviction could sway voters.
Exit polls and surveys indicate that a significant portion of Trump supporters are reconsidering their allegiance under such circumstances, potentially altering the electoral landscape.
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