Following United States former president Donald Trump's conviction on 34 felony counts of falsifying business records, political memecoins associated with him experienced significant volatility.
United States former president Donald Trump was convicted on 34 felony counts of falsifying business records on May 30. As the verdict was announced, several political memecoins experienced significant price movements.
Following the conviction, FreeTrump ($TRUMP) token saw a 1,019% surge in 24 hours, reaching $0.042. Meanwhile, Jeo Boden (BODEN) token’s price remained almost unchanged at $0.294. The BODEN token was launched after Trump misspelled Joe Biden’s name, and it rose in value when the former president acknowledged it with the comment, “I don’t like that investment.”
Additionally, MAGA (TRUMP) token — which is held by a Trump-related wallet with 580,000 tokens — experienced a 16.25% rise, reaching $16.25. On the other hand, MAGA VP (MVP) token, which is speculated to be connected to Trump’s potential vice presidential pick, dropped by 10.7% to around $0.51.
According to CoinGecko, the overall political finance (PolitiFi) memecoin market capitalization increased by 15.4%, reaching approximately $1.8 billion.
As previously reported by ReadWrite, Trump has expressed support for the cryptocurrency industry and believes that the United States should lead the sector:
I am very positive and open minded to cryptocurrency companies and all things related to this new and burgeoning industry. […] Our country must be the leader in the field, there is no second place.
The former president has also pledged to pardon Ross Ulbricht a day after his election — Ulbricht is the founder of Silk Road, the world’s first deep web black market. This pardon has led to mounting pressure on Democrat presidential candidate and current U.S. president Joe Biden.
While Democrats have generally been opposed to cryptocurrencies, this stance has shifted as the presidential election approaches. News emerged earlier this week that President Biden is seeking input from the cryptocurrency industry amid the presidential race. This crypto-friendly approach marks a departure from Biden’s previous proposal to impose a 30% tax on crypto mining power.
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