Bittime – After experiencing a decline of more than 15%, Donald Trump's meme coin, MAGA, immediately bounced back after Trump's conviction. This shows the support that remains for the former president in the crypto world despite his initial losses.
Most of the election-themed coins experienced sharp declines, some coins even fell significantly within an hour.
Market Turmoil on Trump-Themed Meme Coins
The day before, the Donald Trump-themed meme coin suffered heavy losses after the former US president was found guilty of 34 criminal charges.
According to a CoinMarketCap report, MAGA, the largest coin by market capitalization, fell from $15 to $11.27 immediately after the ruling. However, the coin later recovered to $13.64 at the time of writing.
Lesser-known Trump-themed coins also saw significant declines. Trump's Hat (MAGA) is down 10%, Super Trump (STRUMP) is down more than 22%, and MAGA VP (MVP) is down 30%.
According to CoinMarketCap, meme coin Jeo Boden (BODEN ), which is associated with Joe Biden, experienced a brief 15-minute rise of 6.4% before dropping to $0.287, a value lower than its level before Trump's verdict.
Not all Trump-themed coins are in decline. Doland Trump (TREMP) is up more than 11% in the last 24 hours. This increase shows that some traders continue to speculate on Solana tokens despite the general market decline.
Check Today's Crypto Market:
User Earns $167K from Trump-Themed Meme Coin Amid News of Guilty Verdict
Following Trump's conviction, the cryptocurrency market saw the creation of several Trump-themed meme coins. One smart user took advantage of this development and managed to earn around $167,000 by trading meme coins FREE TRUMP ($FREE) and NEVER SURRENDER ($TRUMP) in just five hours.
The user invested 85 SOL or about $14,600 into $FREE then sold his holdings for 814 SOL or about $140,000, making a profit of 729 SOL or about $125,000.
Additionally, the user also spent 72 SOL or $12,300 worth of $TRUMP and sold it for 315 SOL, worth $54,000, making a profit of 243 SOL, worth $42,000.
The Next Stage in Trump's Legal Process
On the blockchain-based prediction market Polymarket, crypto enthusiasts continue to predict that Trump will outperform Biden in the upcoming election on November 5, offering a 54% chance of a Trump victory compared to 40% for Biden.
The legal process against Trump has entered the sentencing phase with Judge Juan Merchan presiding. He is expected to set a deadline for the parties to submit sentencing memorandums, during which each party will present arguments supporting the desired sentence.
The case involving Trump relates to hush money payments to adult entertainment star Stormy Daniels and will now head to the sentencing stage.
Despite being found guilty, Trump continued to proclaim his innocence and called the results of the trial a disgrace. Trump criticized the trial, calling it a trial orchestrated and overseen by a corrupt and conflicted judge.
Also Read: Bitcoin Will Determine the 2024 US Election: Why 47% of Voters Are Now Switching to Crypto!
Increasing Campaign Efforts to Gain Crypto Industry Support
Recently, Trump has stepped up his efforts to attract support from the cryptocurrency industry. During his campaign, Donald Trump mentioned that if his supporters were unable to donate using cryptocurrency, he would facilitate them to do so.
He also criticized President Joe Biden for his alleged lack of understanding of cryptocurrencies and suggested that crypto supporters vote for him.
When discussing how to keep crypto businesses in the United States, Trump emphasized his commitment to keeping the sector domestic.
He emphasized his intention to prevent crypto companies from moving abroad due to unfavorable domestic conditions. Trump stated that cryptocurrencies must be kept in the US if they are to be accepted.
Trump emphasized that the United States needs to create a friendlier environment for cryptocurrency businesses so that they do not feel the need to move abroad.
According to Trump, by keeping crypto companies domestic, the United States can become a leader in this industry and enjoy significant economic and technological advantages.
Crypto-Focused Campaign Strategy
To attract more supporters from the cryptocurrency community, Trump has introduced various campaign strategies focused on crypto technology.
He promised to work to create more supportive regulations for the industry and encourage innovation in the cryptocurrency space. Trump also proposed reducing bureaucracy which was seen as hindering the growth of the crypto sector in the United States.
Trump's Influence on Crypto Markets
Trump's support for cryptocurrencies also showed a significant impact on the market. The increase in the price of tokens such as TRUMP and TREMP shows that Trump's comments and actions can influence market perception and investment behavior.
While some tokens experienced sharp declines, the rise in prices of some other tokens shows that the market still has confidence in Trump's influence.
Market Response to Price Fluctuations
The cryptocurrency market is known for its high volatility, and the case of MAGA tokens recovering after a drastic drop is an example of this dynamic.
Although many Trump-themed coins experienced declines, some managed to bounce back, showing that crypto traders continue to monitor news and political developments to make investment decisions.
Also Read: Donald Trump Gets Support from the Crypto Community
The Future of Cryptocurrencies in the United States
Trump's support for the crypto industry could be a catalyst for regulatory change in the United States. If re-elected, Trump promises to push for more supportive policies for cryptocurrencies, which could attract more crypto companies to operate in the US and increase innovation in the sector.
In any case, the future of cryptocurrencies will be greatly influenced by government policies and the wider public's acceptance of this technology.
Also Read How To Buy Crypto:
Conclusion
The legal case involving Donald Trump and its impact on the cryptocurrency market highlights how dynamic this sector is.
While there are major risks associated with investing in meme coins, endorsements from high-profile figures like Trump can create significant opportunities for investors.
Investors need to remain vigilant and consider the risks and potential rewards when investing in volatile assets such as meme coins.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Also, please ensure you have enough balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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TRUMP and BODEN Meme Coins Become a New Trend in the Crypto Market Ahead of the 2024 US Election
DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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