FreeTrump token rises by 576% after Trump’s guilty plea to forgery charges

What’s new? The volatility of political meme tokens has increased after the completion of the trial of former US President Donald Trump in the case of falsification of business documents. Thus, the rate of the FreeTrump (TRUMP) token jumped by 620% over the day, updating the record above $0,075. Jeo Boden (BODEN) added 9,2% and reached $0,3319, but then rapidly corrected to $0,29.

Data from the CoinGecko aggregator

What else is known? Meanwhile, most tokens using Trump’s persona as a mascot or allegedly directly related to him fell in value. It happened immediately after a jury unanimously found the politician guilty of concealing $130 000 in payments to porn actress Stormy Daniels for keeping quiet about their alleged affair ahead of the 2016 election.

Sentencing is scheduled for July 11, with a maximum sentence of four years in prison on 34 counts.

The trial will go down in history as the first time a US president has been tried and found guilty on criminal charges.

Against this background, the TRUMP (MAGA) token, which ranks 12th in the list of meme tokens by market capitalization, collapsed by 16,2%, but by the time of writing began to recover, added 0,8% over the day and is trading at $13,55. In turn, MAGA VP (MVP) has already lost 26,4% over the day and continues its decline from $0,4587.

Overall so far, the capitalization of politics-related crypto projects (PolitFi) has risen by 5,9% overnight to over $163 billion, according to data from the CoinGecko aggregator.

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As the election race has intensified, Trump has been increasingly vocal in his support for cryptocurrencies. He recently began accepting cryptocurrency donations for his campaign. Trump noted the need to develop the United States as a crypto hub with friendly regulation, began exploring the use of bitcoin to address the national debt, and pledged again to prevent the issuance of a digital dollar if re-elected. The digital dollar project has been repeatedly criticized due to the risks of surveillance and censorship.