TRUMP Token Sinks After Former U.S. President Is Found Guilty in New York

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%.

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.