Former US president Donald Trump was found guilty on 34 felony counts related to falsifying business records.
The charges against Trump are connected to a "hush money" payment to adult film star Stormy Daniels. With the trial concluded, the case now moves to the sentencing phase.
Following the verdict, the MAGA (TRUMP) memecoin's value dropped by 16%.
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Despite the verdict, Trump continues to deny any wrongdoing, calling the trial outcome a “disgrace” and adding:
The real verdict is going to be November 5, by the people.
The Donald Trump-linked TRUMP token's market capitalization dropped by more than $130 million within 20 minutes of the news breaking, with the price falling from $13.48 to $11.27. Nevertheless, the token has rebounded, trading at $13.50 at the time of reporting.
Other Trump-related tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also saw major declines and did not recover.
In contrast, the Joe Biden-linked Jeo Boden (BODEN) memecoin surged by 6.4% immediately after the verdict but subsequently fell to $0.2541, a drop below its pre-verdict price.
Despite the market turbulence, Trump's influence in crypto seems to remain strong, as his associated tokens show signs of resilience.
In recent months, Trump has increased his efforts to engage with the crypto community, aiming to solidify his support base within this sector, as evidenced by his decision to accept crypto donations for his 2024 presidential campaign.
