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Token TRUMP recovers after a sharp decline due to the conviction of Donald Trump.
According to Arkham Intelligence, Donald Trump's wallet currently records a value of 8.5 million USD for TRUMP tokens out of a total asset of 12.6 million USD that he holds.
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Memecoin between TRUMP and BIDEN
The largest meme coin linked to US presidential candidate Donald Trump has recovered immediately after a 16% drop when he was convicted of 34 charges related to falsifying business records.
The case involves Trump paying a payment to silence adult film star Stormy Daniels, and the case will continue into sentencing.
"Even though convicted, Trump still asserts his innocence and calls the trial result a 'disgrace'."
> "This is a trial staged by a conflicted and corrupt judge. It is carried out by the Biden administration to inflict harm on a political opponent [...] The actual trial will take place on November 5th by the people."
More than 130 million USD disappeared from the total market capitalization of the MAGA (TRUMP) token linked to Donald Trump in just 20 short minutes after the news was announced, dropping from 13.48 USD to 11.27 USD. According to data from Coingecko.
However, the price of this token has quickly recovered and is currently soaring to ATH at $17.2 - and is currently fluctuating around $14.72.
Currently, Donald Trump's main wallet according to Arkham Intelligence is recorded to hold 8.5 million USD worth of TRUMP tokens out of a total assets of 12.6 million USD that he currently holds.
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Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced similar declines prior to the news but did not recover as strongly as TRUMP.
Meanwhile, the meme token Jeo Boden (BODEN), associated with Trump's political rival Joe Biden, rose by 6.4% in the first 15 minutes before dropping to 0.283 USD, even lower than the price before Trump's conviction, according to CoinGecko.
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People betting with cryptocurrency use the prediction market on the Polymarket blockchain to still predict that Trump will defeat Biden in the upcoming election on November 5 — with a winning rate of 54% compared to Biden's 40%.
What will happen next with the Trump case
The trial of Trump will now move to the sentencing phase, mainly under the control of Judge Juan Merchan.
Merchan may set deadlines for the parties to submit memoranda in which each party presents arguments in support of its preferred penalty.
But Trump's verdict will easily add fuel to the fire of division, according to American lawyer John Deaton, who expressed concerns about the country's direction.
Along with that, Trump has been increasing efforts to attract the cryptocurrency industry in recent months.
He said that he would support the rights of 50 million cryptocurrency holders in the country to self-manage Bitcoin and other cryptocurrencies.
In April, he hosted a dinner with dozens of NFT enthusiasts who bought his Mugshot NFT, declaring that he "will make NFT hot again" and promising to keep domestic industry enterprises and innovators if elected.
VIC Crypto synthesis