QuickTake:

• TRUMP token plummets 35% following Trump’s conviction.
• Jeo Boden token sees a 20% surge.
• Trump found guilty on all 34 counts by a New York jury.
• Despite the verdict, Polymarket traders still favor Trump’s chances in the upcoming election

In a significant turn of events, the TRUMP meme coin took a nosedive after a New York jury found former U.S. President Donald Trump guilty on all 34 counts of falsifying business records. The token’s value dropped by a staggering 35%, reflecting the market’s immediate reaction to the news.

On the flip side, Jeo Boden, a meme coin inspired by President Joe Biden, experienced a 20% increase in value, showcasing a stark contrast in investor sentiment towards the two politically themed cryptocurrencies.

The conviction marks a historic moment as Trump becomes the first U.S. president to be convicted of a felony. The charges, which include falsifying business records, were part of a broader investigation into his financial dealings.

Market Reactions

The TRUMP token’s sharp decline highlights the volatility and speculative nature of meme coins, particularly those tied to political figures. Meme coins, which are often driven by community sentiment and social media trends, can experience rapid value fluctuations based on news events and public perception.

Investors in the TRUMP token faced significant losses as the token’s value plummeted. This decline underscores the risks associated with investing in meme coins, which can be highly sensitive to external events and news cycles.

In contrast, the Jeo Boden token’s rise suggests that investors may be shifting their support towards Biden, at least in the realm of meme coin speculation. This shift could also indicate a broader trend in the market where political news influences the performance of politically themed tokens.

Polymarket Predictions

Despite the verdict, traders on Polymarket, a blockchain-powered prediction market, remain optimistic about Trump’s chances in the upcoming November election. The platform shows Trump with a 56% probability of winning against Biden’s 38%. This sentiment persists even after the guilty verdict, indicating that many believe Trump’s political base remains strong and his legal troubles might not significantly impact his electoral prospects.

Implications for the Crypto Market

The fluctuations in the values of the TRUMP and Jeo Boden tokens highlight the unique intersection of politics and cryptocurrency. As meme coins continue to gain popularity, their susceptibility to political events becomes more apparent. These tokens often act as a barometer for public sentiment, reacting swiftly to political developments.

Moreover, the performance of these tokens could influence broader market trends. The volatility seen in the TRUMP token might lead to increased caution among investors in politically themed cryptocurrencies. Conversely, the rise of the Jeo Boden token could spur interest in meme coins associated with political figures who are currently in power or perceived positively by the public.

Future Outlook

Looking ahead, the crypto market may see more politically themed tokens emerge, especially as the U.S. presidential election approaches. These tokens could become tools for political expression and speculation, offering a new avenue for supporters and opponents to express their views financially.

However, the risks associated with these tokens are significant. Investors should be aware of the potential for rapid value changes and the influence of external events on these assets. As the case of the TRUMP token demonstrates, legal and political developments can have immediate and profound impacts on the value of meme coins.

In conclusion, the TRUMP token’s steep decline following Trump’s conviction and the simultaneous rise of the Jeo Boden token reflect the dynamic nature of politically themed cryptocurrencies. While these tokens offer a novel way for individuals to engage with politics, they also come with heightened risks and volatility. Investors should tread carefully and remain informed about the events that could impact their investments.