TRUMP Token Surges After Sharp Decline Post-Trump Guilty Verdict

Jimmy Aki
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The TRUMP token, the largest meme coin associated with former United States President Donald Trump, rebounded on May 30 after experiencing a 16% price decline immediately after his conviction on 34 felony counts for falsifying business records.

Will TRUMP Token Be the Only Impact of Court’s Verdict?

Donald Trump has been found guilty on all counts in his New York criminal trial, becoming the first former or sitting president to be convicted of a crime amid his bid to return to the White House. A panel of 12 Manhattan jurors unanimously convicted him on 34 counts of falsifying business records, with sentencing set for July 11.

Over a six-week trial, the court heard from 22 witnesses, including Stormy Daniels, whose alleged sexual encounter with Trump was central to the case.

However, Trump maintains his innocence, despite his conviction, as he calls the trial a “disgrace” and accuses the Biden administration of orchestrating it to harm a political opponent.

He stated,

“This was a rigged trial by a conflicted judge who was corrupt. The real trial is going to be November 5 by the people.”

Meanwhile, over $130 million was wiped from the Donald Trump-linked MAGA (TRUMP) token market cap within 20 minutes of the news of his conviction, as the price dropped from $13.48 to $11.31, according to CoinMarketCap.

However, the price rebounded quickly, peaking at $17.23 and marking a new all-time high. At press time, the TRUMP token trades at $13.50 and is expected to reach new heights if the former president achieves a major turnaround in subsequent court activities and the upcoming US election in November 2024.

TRUMP token
TRUMP token peaked at $17 after the court verdict

Notably, the price decline didn’t come directly after the guilty verdict was issued. The TRUMP token had already started trending downward two hours before the verdict, as jury deliberations reached a critical point over two days.

The former president was accused of concealing a payment to buy the silence of Ms. Daniels, a former adult film star, in the final days of his 2016 election campaign. Prosecutors argued that by disguising the payment as legal expenses, Trump broke election law.

Former President’s Donation Site Crashes Amid TRUMP Token Fluctuations

After Donald Trump was found guilty, his donation page crashed amid a surge of support.The crash was reported by Trump’s 2024 campaign team in a post on X at about 5:50 p.m., less than an hour after the conviction.

Approximately 30 minutes later, the campaign announced that the website was back online.

Many conservative donors see the New York case as political persecution, echoing Trump’s claim that Democrats are trying to weaken him before the upcoming election against President Joe Biden.

Prominent donors and celebrities, including casino billionaire Miriam Adelson, Sequoia Capital’s Shaun Maguire, Scott Adams, and Andrew Tate, rallied behind the former president.

As part of enlarging the scope of donations for Trump’s return to the White House, recall that the Donald Trump Campaign said it would receive crypto donations, which came after the erstwhile president had a U-turn on his stance on cryptocurrency.

Meanwhile, Florida Governor Ronald Dion DeSantis commented on the recent verdict, emphasizing that while no one is above the law, no one should be below it. He argued that if the defendant were not Donald Trump, the case would never have been brought to court, the judge would not have issued similar rulings, and the jury would not have returned a guilty verdict.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.