Former US President Donald Trump was convicted of 34 felony counts of falsifying business records by New York Judge Juan Merchan. This verdict concludes weeks of trial and marks a significant phase in the historic case.
Trump’s crimes are linked to a hush money payment scheme ahead of the 2016 presidential election. He now faces possible prison time or probation. Known for appealing court rulings, Trump is likely to appeal, potentially delaying sentencing. Judge Merchan scheduled sentencing for 10:00 ET on July 11.
Trump could receive probation or up to four years for each count, with a maximum of 20 years. For now, he remains free, as prosecutors did not require a bond.
Market Reaction to the Verdict
Following the conviction news, Trump-themed meme coins saw a temporary dip. MAGA (TRUMP), the largest Trump meme coin by market cap, fell from $16.84 to $13.84. It has since rebounded, trading at $15.02.
Smaller Trump meme coins like Maga Hat (MAGA) and Super Trump (STRUMP) also dropped. MAGA and STRUMP prices decreased by 16.5% and 23.8% in the last 24 hours, respectively.
Emergence of New Trump Meme Coins
The case spurred new Trump meme coins such as Free Trump (FREE) and NEVER SURRENDER (TRUMP). According to DEX Screener data, FREE and NEVER SURRENDER surged by 4,087% and 3,068% in the last 24 hours. This surge reflects speculative interest amid political turmoil.
Trump’s Influence on Crypto and Politics
Trump has become notable in the crypto space for his support of Bitcoin and the broader market. He promised to advocate for crypto and foster supportive regulations. Trump also accepted crypto donations and explored Bitcoin to tackle national debt. These moves give him an edge against President Joe Biden, known for a stricter stance on crypto.
Expert Opinions on Trump’s Conviction
Despite the conviction, experts believe Trump can still run for president. UCLA law professor Richard L. Hasen stated that nothing in the US Constitution bars a convicted criminal from the presidency. States also cannot prevent Trump from participating in elections despite his attempts to overturn the 2020 results.
Independent presidential candidate Robert F. Kennedy, Jr. described this case as the weakest against Trump. As Trump navigates his legal challenges, his influence on the crypto market and politics remains significant. Investors and the public will closely watch these developments.
