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TRUMP Token Sinks After Former U.S. President Is Found Guilty in New York
TRUMP dropped 35%, while Jeo Boden surged 20% in the aftermath.
By Nick Baker
Updated May 30, 2024, 9:36 p.m. Published May 30, 2024, 9:27 p.m.
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A jury finding Donald Trump guilty is more than just bad news for the former U.S. president: The announcement also smacked holders of the TRUMP meme coin.
The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%.
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Trump was found guilty on Thursday by a New York jury on all 34 counts. He was accused of falsifying business records. He's the first U.S. president convicted of a felony.
Over at Polymarket, the blockchain-powered prediction market, traders nonetheless continued to expect Trump to defeat Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict.
CORRECTION (May 30, 2024, 21:35 UTC): Fixes misspelling of TRUMP.
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Bitcoin falls to $68,000 as tech-led risk-off move deepens, gold extends correction and memecoins lead altcoin losses amid BTC dominance range.
What to know:
- Bitcoin is down 1.25% to $68,000, tracking weakness in Nasdaq futures and a 2.4% drop in gold as risk sentiment sours.
- BTC’s correlation with the Nasdaq has swung from -0.68 to +0.72 since Feb. 3, underscoring tighter ties to tech stocks.
- Memecoins PEPE, DOGE and TRUMP led altcoin losses, while MORPHO and ZEC outperformed over the past week.
