Impact of Legal Troubles on Meme Coins

The recent conviction of former U.S. President Donald Trump on 34 felony charges related to the 'hush money' case has sent shockwaves through the cryptocurrency market, particularly affecting meme coins associated with him.

The TRUMP meme coin, known for its volatility, experienced a drastic 35% drop in value immediately after the guilty verdict was announced. Despite a rapid rebound, the token suffered a significant loss of over $130 million in market cap within a brief 20-minute window following the news. Other Trump-linked tokens like Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also saw declines that were not recovered.

In contrast, the Joe Biden-associated Jeo Boden (BODEN) meme coin briefly surged by 6.4% post-verdict but later fell below its pre-verdict price.

The overall market cap of political finance (PolitiFi) meme coins experienced a slight 0.1% decrease, totaling approximately $1.56 billion.

Potential Impact on Future Trials and Elections

The guilty verdict against Trump raises questions about future trials and the political landscape. Trump, while denying any wrongdoing, insinuates a 'real trial' during the November election, challenging the current legal proceedings.

The upcoming sentencing phase, presided over by Judge Juan Merchan, will allow both sides to present arguments for preferred punishments through sentencing memorandums. Despite the conviction, predictive markets like the Oracle blockchain-powered Polymarket still favor Trump to win against Biden in the upcoming election.

Trump faces sentencing in July, with a potential prison term of up to four years. Being the first former U.S. president convicted of a crime, the trial's outcome may have significant implications for his public image and cryptocurrency ventures.

Interestingly, trading volume for Trump's 'Trump Digital Trading Card Collection' NFT dropped by 99% before his April trial. This collection, launched in December 2022, sold 45,000 tokens at $99 each, indicating a substantial impact from the legal proceedings.