The case involving Trump’s hush money payment to adult entertainment star Stormy Daniels will now move to sentencing. Despite the conviction, Trump maintains his innocence and labels the trial outcome as a “disgrace.”
Trump stated, “This is a rigged trial by a corrupt and conflicted judge. “This is done by the Biden administration to hurt or wound a political opponent […] The trial will actually take place on November 5th by the people.”
According to CoinGecko, over $130 million was wiped off the market capitalization of the MAGA token (TRUMP) linked to Donald Trump in a short 20-minute period after this news, plummeting from $13.48 to $11.27. However, its price quickly recovered and is currently at $14.70 at the time of writing – and is just 1.5% away from reclaiming the 24-hour high of $14.92.
TRUMP started trending downwards two hours before the conviction as jury deliberations stretched into the 11th hour over two days. Super Trump (STRUMP) and Baby Trump (BABYTRUMP) also experienced similar declines on the news but did not recover to the same extent as TRUMP.
Related: An Investor Becomes a Millionaire Thanks to Memecoin Shiba Inu
The coin associated with Biden saw an initial surge, then decline. Jeo Boden (BODEN), a memecoin linked to Trump’s political opponent, Joe Biden, initially rose by 6.4% before dropping to $0.283 USD – even lower than its price before Trump’s conviction, according to CoinGecko.
Crypto gamblers using the blockchain-based prediction market Polymarket still anticipate Trump defeating Biden in the upcoming election on November 5th – with a win rate of 54% compared to Biden’s 40%.
What’s next in Trump’s lawsuit
Trump’s case now moves into the sentencing phase, largely controlled by Judge Juan Mercan. Mercan may set deadlines for both parties to submit sentencing memoranda, where each side argues for the punishment they desire.
But Trump’s ruling could further “add fuel to the fire of division,” said US lawyer John Deaton, expressing concerns about the country’s direction. Trump has ramped up efforts to win over the cryptocurrency industry in recent months. He pledged to support Bitcoin and other cryptocurrencies of the 50 million crypto holders domestically.
In April, he hosted a dinner with dozens of token enthusiasts who purchased his Mugshot NFTs, claiming to “make NFTs great again” and promising to keep businesses and innovators in the local industry if elected.
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