The recent guilty opinion against the former U.S. President Donald Trump has created a chaos in the crypto market, particularly among the memecoins associated with him.
The recent guilty opinion against the former U.S. President Donald Trump by the Manhattan Jury on 34 felony charges related to the “hush money” case was heard in many fields. The major impact has been seen on the cryptocurrency market, especially towards the trump associated memecoin.
Crypto Reaction: Dramatic Shifts in Memecoins
After the news of Donald’s crime, the crypto market has seen a strong movement in the memecoin market. The TRUMP memecoin has fell by 35% wiping over $130 million from the market capital in just 20 minutes. Other Trump memecoins like STRUMP and BABYTRUMP has also seen a decline but they got failed in recovering.
Legal and Political Effects
Donald Trump’s reply on the judgement has grew worse on the current political scene. He has maintained his innocence, stating political reasons for the court hearing. Trump has challenged the decision, proposing a “real court hearing” at the November election. Earlier, the planned punishment period before Judge Juan Merchan provides a further level of confusion to the situation.
Effects of Trump’s Crypto Projects
The guilty decision could have major implications for Trump’s crypto projects, including the “Trump Digital Trading Card Collection”. The trading volume of this NFT had already fell by 99% before his April court hearing which indicates the challenges to expand into cryptocurrency space.
Donald Trump Future and Cryptocurrency
As Trump’s legal fight keeps going and his courtroom trial date gets closer, the crypto market stays on the brink, paying attention to improvements. the hearing results might not have a bearing effect on the former president image but also on the direction of his crypto projects in the future time.
Trump’s verdict effect goes beyond the political realm and the volatility of cryptocurrency. The dramatic shift of memecoin prices serves as a reminder how closely the crypto market is connected with the real world events. Individuals should do their own research before investing.
Also Read: Ronaldo Goes Crypto: Hails Binance
