Trump was found guilty on all 34 felony charges in the “hush money” case, where the former U.S. president allegedly falsified business records and paid off media to bury the story of his affair with porn star Stormy Daniels. This makes him the first U.S. president ever convicted of a felony.
The presumed Republican candidate for this year’s presidential election dismissed the charges, calling the trial a “rigged process” in comments following the verdict.
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Reputation Takes a Hit, Odds Stay Steady
News of Donald Trump’s conviction in a New York courtroom on Thursday dominated global headlines, but for cryptocurrency bettors wagering on the outcome of the U.S. presidential election in November, nothing much changed. Following the verdict, odds on the crypto betting site Polymarket fluctuated between 53% and 55%, where they remain at the time of writing.
Over $142 million has been wagered on “Who will win the 2024 U.S. presidential election,” the top political bet on Polymarket, which, interestingly, is not officially available to U.S. residents. For over a week, Trump’s odds of winning have held steady at around 56%, reflecting many mainstream political polls.
$800,000 has been bet on whether Trump will end up in jail before election day, and those odds only slightly increased after the verdict. Though the probability jumped from a steady 14% earlier on Thursday to 20% immediately after the news broke, it has since settled at 17%.
The collective shrug on Polymarket contrasted with reactions on Crypto Twitter, where some declared Trump’s verdict as nothing short of a rallying cry for revolution.
Ryan Selkis, founder and CEO of the crypto research firm Messari, whose pinned tweet currently states, “Donald Trump is building a crypto army.”
Opinions, however, were divided. Adam Cochrane, a partner at Cinneamhain Ventures, took a sharply opposite stance, tweeting that the verdict proves Trump is “a conman criminal who tells you he’s anti-establishment to fool you.”
Donald’s Legal Troubles Send Meme Coins Tumbling
Meme coins are notorious for their volatility, often riding the waves of trader sentiment, and Thursday was no exception. The frenzy around Trump-themed coins took a nosedive following the former president’s conviction on 34 criminal charges.
MAGA, the largest Trump-themed meme coin by market cap with the ticker TRUMP, dropped from around $15 right before the verdict to $11.27 shortly after, CoinGecko reports. This nearly 25% plunge in just an hour highlighted the sharp reaction.
Other Trump-themed meme coins also took significant hits: MAGA Hat (MAGA) fell 16% in the past hour, Super Trump (STRUMP) also dropped 16%, and MAGA VP (MVP) plummeted 22% within the same timeframe.
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Trump Media & Technology Group (DJT) shares on Nasdaq mirrored this trend, slipping 9% in after-hours trading, as per Yahoo Finance.
Seems, Trump’s conviction has done little to shake the faith of his digital diehards. While legal troubles may have depressed the prices of his meme coins, his odds in the betting markets remain surprisingly steady. After all, where else can you find a former and possibly future president with a criminal record and a meme coin named after him still leading the polls?
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