Memecoins Experienced High Volatility amid Donald Trump Indictment
The price of memecoin themed on Donald Trump plummeted 35% before rising 29% after a court found him guilty on 34 criminal counts.
Last night, memecoins experienced strong volatility amid the sentencing of Donald Trump. The New York court found the former US President guilty on 34 counts of falsifying documents. Thus, he became the first former American president convicted of a criminal offense.
The memecoin MAGA (TRUMP) fell by 35% a few minutes after the judge's ruling. The token then rose 50% and reached an all-time high of $16.80 before falling again.
Another memecoin based on the theme of the former U.S. president also experienced strong volatility. Donald Tremp (TREMP) fell 5% before rising 18%.
Maga Hat (MAGA) and Super Trump (STRUMP) also fell after the release of the judge's ruling by 16.5% and 23.8% respectively. In addition, memecoin Jeo Boden (BODEN), on the topic of Trump's opponent in the upcoming election, also reacted negatively to the court's decision. Within 24 hours, the coin fell by 15%.
This situation caused an influx of new memecoins on the theme of Donald Trump. For example, the memecoin FreeTrump (TRUMP) grew by 620%.
At the moment, Trump is actively voicing his support for cryptocurrencies as the election approaches. In a recent statement, he emphasized that he would allow Bitcoin and cryptocurrency to flourish if elected. A Bloomberg statement, which Elon Musk later denied, said that Trump was actively consulting with Musk on cryptocurrency issues.
