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According to Jinse Finance, after former US President Donald Trump was convicted of 34 counts in the "hush money" case, the price of Trump-themed meme coin plummeted. MAGA (code: TRUMP), the largest Trump-themed meme coin by market capitalization, dropped from $15 before the conviction to $11.27, a decrease of nearly 25%. Other related coins such as MAGA Hat (code: MAGA), Super Trump (code: STRUMP), and MAGA VP (code: MVP) also fell by 16% to 22%.
At the same time, the stock of Trump Media and Technology Group (DJT) fell 9% in after-hours trading on Nasdaq. The price of the meme coin Jeo Boden (code BODEN), related to the current President Joe Biden who is competing with Trump, rose 12% within an hour.
After the verdict, Trump denied all charges and called the trial "manipulated". This is the first time in American history that a president has been convicted of a high crime.