Most Trump Memecoins Plunge, Others Soar After Hush Money Trial Guilty Verdict

Majority of Trump memecoins plummeted Thursday after former President Donald Trump was found guilty on all counts in his hush money case, becoming the first ex-president to be convicted of a crime.

Trump, the presumptive Republican Party's presidential candidate for the 2024 elections, was found guilty on each of the 34 counts of falsifying business documents to obfuscate a payment that was supposed to silence porn star Stormy Daniels. He will be sentenced on July 11, just days before he is scheduled for the GOP's formal nomination.

As news of his conviction emerged, some of the memecoins themed after the business mogul saw significant dips, as per data from CoinGecko. The Super Trump (STRUMP) token plummeted by 32.1% in the past 24 hours, and the MAGA Hat (MAGA) coin dipped by 17.8%.

MAGA VP (MVP) was also down by 13.5%, and BABYTRUMP saw the largest dip at 36.9%.

Despite the significant dips, STRUMP and MAGA were among the top three trending memecoins on CoinGecko Thursday night. Also, a few Trump memecoins saw significant gains amid news of the guilty verdict: FreeTrump ($TRUMP) was a major gainer as it was up by over 2,000%. Bridged MAGA (TRUMP) was up by 71.5%, and Pepe Trump (PTRUMP) was up by 15.1%.

MAGA (TRUMP) is the top memecoin among the "PolitiFi" cryptocurrencies on CoinGecko as of writing.

The decline of some Trump-themed memecoins comes as the business magnate continues to turn hard toward the crypto industry.

Days before the guilty verdict, blockchain analysis firm Arkham Intelligence revealed that a digital wallet linked to the 77-year-old politician holds some $10 million worth of various tokens, including more than 1.5 million MAGA and MAGA VP memecoins. It also holds a significant number of Ether (ETH), the world's second-largest digital asset by market cap.

Trump has been largely vocal of his "support" for the crypto sector in recent months, contrary to his critical views of Bitcoin and other digital assets in the past. He told libertarians that he will make sure the "future" of the industry will be "made in the USA" and not outside the country.

On the other hand, his rival, U.S. President Joe Biden, has been apparently wary of the sector. He expressed opposition to the passage of a bill that seeks to establish a regulatory framework for the industry and has been supportive of the U.S. Security and Exchange Commission's (SEC) regulatory approach toward crypto.

However, a recent report revealed that Biden has been reaching out to key figures and players in the industry, seeking their comments on crypto policy, signaling a potential shift in his stance regarding digital assets.