- TRUMP token, the memecoin themed with the former US president, suffered a sharp decline.
- The token’s decline was tied to the guilty verdict of the presidential candidate.
- Donald Trump has expressed pro-crypto ambitions ahead of the upcoming elections.
Donald Trump has recently become a major topic of discussion in the industry, marked by increased engagement with the crypto asset class. From accepting political donations in cryptocurrency to a surge in Trump-themed meme coins and charting an ambitious course for the industry, the presidential candidate has enjoyed a wave of positive momentum over the past few weeks.
However, Trump was recently convicted by a US federal court of falsifying business documents, causing a ripple effect through assets associated with him.
TRUMP Token Slips
According to CoinMarkCap data on Friday, May 30, 2024, MAGA (TRUMP) fell a sharp 32% around 10:00 PM UTC, plummeting from its day-high value of $14.86 to $11.28. The flash decline coincided with the rollout of a guilty verdict for Trump, who was convicted of a 34-count charge by a New York jury.
Sponsored
While the token swiftly regained an upward momentum, TRUMP saw approximately $130 million erased from its market cap following the news. The rebound propelled the token to reach a new peak of $17 before settling back to its current rate of $14.28.
Other tokens named after the former president also suffered declines within the same timeframe. Baby Trump (BABYTRUMP), which was already under downward pressure, took a deeper hit within the hour, bringing the token’s total loss in the past day to approximately 41.96%. Unlike the TRUMP token, it has yet to recover. Similarly, Super Trump (STRUMP) incurred a loss and is still reeling from a total 19.2% loss in the past 24 hours.
Trump’s conviction charts an uncertain outlook for the presidential hopeful, given his optimistic ambitions for the industry as part of his mandate.
Donald Trump Crypto Aspirations
Amid aspirations to outperform his main rival, President Joe Biden, in the upcoming United States elections, Donald Trump has taken a strong liking for the industry, openly advocating his support for the asset class.
Sponsored
“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” stated the presidential candidate.
Trump’s new stance marks a major shift from his once skeptical approach to the asset class years ago when he often expressed skepticism of the asset class compared to the US dollar. This newfound crypto embrace has also extended to his funding for his ongoing campaign, with a recently launched crypto donation portal accepting eight asset variants, including Bitcoin, Ethereum, Shiba Inu, Dogecoin, USDC, Ripple, and 1inch.
The former US president and election candidate has asserted that he will ensure an accommodating ecosystem for crypto in the United States, even aiming to make the country one of the top leaders in this space, rather than allowing it to “die a slow and painful death” like he claims his rival would.
On the Flipside
- Donald Trump faces up to five years in prison if sentenced.
- A memecoin tied to US President Joe Biden rose by approximately 20% in the wake of Trump’s verdict.
- However, presidential hopeful Trump has decried his sentence as a “disgrace,” asserting it a result of a rigged and corrupt trial.
Why This Matters
The downward pressure inflicted on the TRUMP token following Donald Trump’s guilty verdict highlights the vulnerability of assets tied to prominent figures. However, the token’s ability to quickly rebound also underscores its position as a top-performing memecoin.
Read more about Trump’s pro-crypto outlook for the United States:
Trump Mulls Bitcoin to Tackle $35T National Debt Burden
Here’s how Telegram Wallet is revamping its KYC requirements:
Telegram Wallet Updates KYC Rules: Here’s How It Affects You
