Down in the Trumps βοΈ Bearish for Trump memecoins? The former US president Donald Trump was found guilty on 34 felony charges related to his 'hush money' trial. Allegedly, Trump produced false business records and paid money to bury the story of his affair with an adult entertainer. Expectedly, the news of the former president's conviction did not bode well for several memecoins that were associated with him, most notably the MAGA (TRUMP) memecoin. After news of the verdict broke out, TRUMP fell by 16.5% from $13.50 to $11.27 but has since surged higher to $14.35 as of the time of writing. Strangely enough, the Trump caricature memecoin, Doland Tremp (TREMP), did not react similarly, falling just 4.8% from $1.09 to $1.04, but has surged along with TRUMP to $1.16 today. On the other hand, the Jeo Boden (BODEN) memecoin related to Trump's main political rival surged by 12.5% from $0.32 to $0.36 but retraced the move soon after. Editor's Note: While this may seem like the death of Trump memecoins, it's important to understand that the crypto community can easily spin seemingly bad news into something positive for the token's price performance, hence leading to their quick recovery. If you've ever heard the term 'bullish unlock', then you'll know what we're talking about. |
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