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The Trump Effect on Meme Coins
Meme coins are well-known for their volatility, often influenced by the shifting sentiments of traders. The recent guilty verdict for former President Donald Trump on multiple felony charges had a noticeable impact on Trump-themed meme coins:
- Major Trump-themed meme coin, MAGA, experienced a significant price drop from $15 to $11.27 after the verdict, reflecting a nearly 25% decline in just over an hour. It has since rebounded slightly to $12.37.
- Other Trump-themed coins like MAGA Hat, Super Trump, and MAGA VP also saw significant drops ranging from 16% to 22% in just an hour.
- On the other hand, Doland Tremp, a misspelled Trump tribute coin, remained relatively stable, fluctuating as traders bought and sold the Solana token.
The Verdict and the Market
Trump’s guilty verdict on all 34 felony charges related to the “hush money” case had immediate repercussions:
- Shares of Trump Media & Technology Group (DJT) on the Nasdaq experienced a 9% drop in after-hours trading following the verdict.
- Trump denied the allegations, calling the trial “rigged” in his post-verdict comments.
- Meanwhile, meme coins inspired by Joe Biden, such as Jeo Boden, saw a 12% increase in value following the verdict.
The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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