Impact of Conviction on Cryptocurrencies Associated with Donald Trump

The recent conviction of the former President of the United States, Donald Trump, by a Manhattan jury on 34 counts related to hush money has created significant ripples in the digital asset markets. The verdict had an immediate impact on cryptocurrencies and NFTs linked to his controversial image.

The announcement of Trump's guilty verdict led to a sharp decline in the major Donald Trump-themed cryptocurrencies. In just 20 minutes, the TRUMP coin witnessed a drastic 35% decrease, resulting in a loss of $130 million in market capitalization, as reported by CoinGecko. Other crypto tokens like STRUMP and BABYTRUMP, associated with the former president, also experienced substantial losses.

However, the downward trend was short-lived as the TRUMP coin swiftly recovered and exhibited a 6% gain within 24 hours. This resurgence was accompanied by an increase in trading volume. The rebound in the value of TRUMP coin injected optimism among crypto investors, indicating Trump's apparent endorsement of the crypto ecosystem.

Further analysis of the TRUMP crypto-asset performance indicated a surge in investor demand with key metrics of the token showing improvement. The current rally of the TRUMP coin is evidently driven by genuine demand and a notable surge in buying activity, painting a bullish picture for its future.

Influence on Trump's NFTs

In parallel with the impact on cryptocurrencies, the NFTs linked to Trump also witnessed fluctuations albeit of a different nature. Trump Digital Trading Cards experienced a significant 99% drop in trading volume prior to the April trial. Despite this, the price of original edition NFTs from this collection managed to increase by 1.22%, reaching a value of $319 on the Magic Eden platform.

The resilience shown by Trump-related NFTs in the face of legal challenges reflects the unwavering confidence of collectors in the enduring value of these unique assets.

This significant event underscores the intricate interplay between the political realm and the cryptocurrency market, portraying how legal developments can impact the digital asset landscape.