News - This is how memecoins react to Trump's conviction

By Mike Hesp

This is how memecoins react to Trump's conviction

USA
Laws and regulations

Donald Trump has been found guilty by a US court. This gave memecoins such as TRUMP a big boost.

As the first former U.S. president, Donald Trump is convicted as a criminal by a New York court. The court finds the defendant in the hush money trial guilty of all 34 charges. This also has implications for the crypto space. Memecoin Maga (TRUMP) dropped about 25 percent after the verdict, but shot back up shortly thereafter. Currently, Maga is quoted at 14.60 American dollar (USD). This represents a weekly increase of 76 percent and a monthly increase of 236 percent.

Although the Trump memecoin does not come from the presidential candidate himself, the project's X-feed leaves no doubt that there is some sympathy for the convicted criminal.

On its website, the coin launched August 11 advertises that a portion of the proceeds from the project will benefit both children and veterans. According to its own statement, it has already donated 234.75 ETH to organizations working on behalf of veterans, and 204.5 ETH to organizations working against child trafficking. The token is available on both Ethereum and Solana. Other Trump-inspired memecoins such as the Solana-coin Doland Tremp (TREMP) are also flourishing.

On a monthly basis, TREMP posted a 443 percent increase. But what about its political opponent? Joe Biden (BIDEN) is notching a whopping 512 percent increase. However, the coin only has a market capitalization of US$18.6 million, making it considerably smaller than TRUMP (US$688 million).

For many market observers, this cycle is all about memecoins. How a savvy Pepe investor became a multimillionaire with just US$462, you can read in this article. Memecoins like Pepe, Maga or Biden carry enormous risks. What to watch out for when trading memecoins, read our guide.

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