TRUMP Token Plunges by 35% After Former U.S. President Is Found Guilty of Felony Charges

In a latest development, the former president of the United States Donald Trump has been found guilty of felony charges by a New York jury. Following this verdict, MAGA, which is the largest Trump-themed meme coin by market cap and has the ticker TRUMP, plunged by over 35%.

Donald Trump Found Guilty of Felony Charges 

A Manhattan jury has found Trump guilty on all 34 felony counts of falsifying business records in his New York hush money criminal trial. The district attorney first indicted him in March 2023 on state charges stemming from a 2016 hush-money payment to an adult film star. 

Fast forward to today, he was found guilty on all 34 counts of falsifying business records in the first degree by 12 jurors. According to prosecutors, the former US president took part in an illegal conspiracy to undermine the integrity of the 2016 presidential election. 

Furthermore, they alleged that he was part of an unlawful plan to suppress negative information, which included concealing a hush money payment to an adult film star. 

The latest verdict makes Trump the first former president in American history to be convicted of a felony. Although this is an unprecedented development, it will not have an impact on his ability to run for office in 2024.

Notably, the presidential candidate pleaded not guilty to the charges. He called the jury’s decision a “disgrace,” claiming that the true verdict would come during the presidential election. His sentencing is scheduled for July 11. 

Trump-themed Coins Experiences Decline 

Following the news of this verdict, Donald Trump-themed coins registered a significant decline. One such is the TRUMP which plunged by over 35%. Less-capitalized Trump meme coins like MAGA Hat (MAGA), Super Trump (STRUMP), and MAGA VP (MVP) dropped by 16% and  22% respectively in just an hour. 

Memes Coins are known for their highly volatile nature so the verdict on the former president led to significant declines, especially to TRUMP which has experienced a remarkable increase over the past month. It had earlier achieved an all-time high of $15.45 on Wednesday.

Although TRUMP dropped significantly following the verdict, it has rebounded to $13.37 as of the time of writing. Meanwhile, Joe Boden, a meme coin inspired by President Joe Biden, Trump’s main rival, has risen 20% in the last few hours.