TRUMP Token Sinks After Former U.S. President Is Found Guilty in New York

A jury finding Donald Trump guilty is more than just bad news for the former U.S. president: The announcement also smacked holders of the TRUMP meme coin.

The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%.

Trump was found guilty on Thursday by a New York jury on all 34 counts. He was accused of falsifying business records. He’s the first U.S. president convicted of a felony.

Over at Polymarket, the blockchain-powered prediction market, traders nonetheless continued to expect Trump to defeat Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict.

CORRECTION (May 30, 2024, 21:35 UTC): Fixes misspelling of TRUMP.

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk’s $1,000 disclosure threshold.

Follow @inkbacker on Twitter