Markets

TRUMP token sinks after former US president convicted in New York

Published

8 months ago

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A jury finding Donald Trump guilty is more than just bad news for the former US president: the announcement also hit 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%.

Trump was found guilty Thursday by a New York jury on all 34 counts. He was accused of falsifying commercial documents. He is the first American president convicted of a crime.

At Polymarket, the blockchain-based prediction market, traders they nevertheless continue to expect Trump to beat Biden in the November election. Trump is well ahead – with a 56% chance of winning, compared to Biden’s 38% – even after the verdict.

CORRECTION (May 30, 2024, 9:35 p.m. UTC): Corrects spelling error of TRUMP.

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