New York Judge Juan Merchan convicted former US President Donald Trump of 34 felony counts of falsifying business records. This verdict concluded the former president’s weeks-long trial and ushered in a new phase of the historic case.
Trump now faces the possibility of a prison sentence or probation for his crimes related to a hush money payment scheme ahead of the 2016 presidential election.
New Trump Meme Coins Emerge Amid Market Fluctuations
Known for appealing court rulings, Trump is likely to appeal this conviction, which could significantly delay his sentencing. Judge Merchan has set Trump’s sentencing for 10:00 ET on July 11.
The judge could sentence Trump to probation or up to four years on each count in state prison, with a maximum of 20 years. For now, Trump will remain out of jail as he awaits his sentencing since prosecutors did not ask for him to post any bond.
In response to the news of Trump’s conviction, Trump-related meme coins witnessed a momentary dip. MAGA (TRUMP), the largest Trump meme coin by market capitalization, plunged from $16.84 to $13.84. However, TRUMP has since recovered, trading at $15.02 at the time of writing.
Trump meme coins with smaller market capitalization, such as Maga Hat (MAGA) and Super Trump (STRUMP), also experienced dips. MAGA and STRUMP prices have decreased by 16.5% and 23.8% in the last 24 hours, respectively.
The case also prompted the emergence of new Trump meme coins like Free Trump (FREE) and NEVER SURRENDER (TRUMP). According to DEX Screener data, FREE and NEVER SURRENDER prices have increased by 4,087% and 3,068% in the last 24 hours, respectively. This surge indicates a speculative interest in new meme coins amidst political turmoil.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Trump has made headlines in the crypto space due to his strong support for Bitcoin and the broader crypto market. He has publicly promised to advocate for crypto and foster supportive regulations. Trump has also accepted crypto campaign donations and explored Bitcoin’s use case to tackle national debts.
These bold moves give him a competitive edge against President Joe Biden, who will also run for the upcoming presidential election in November. Biden’s administration is known for its strict approach toward the crypto industry, characterized by heightened enforcement from its agencies and unclear regulations.
Expert Opinions on Trump’s Conviction
Despite the conviction, many experts believe that Trump would still be able to be elected as president and vote for himself. University of California, Los Angeles law professor Richard L. Hasen has consistently said nothing in the US Constitution bars a convicted criminal from running for the nation’s highest office.
“The Constitution contains only limited qualifications for running for office (being at least 35 years old, a natural-born citizen, and at least 14 years a resident of the US),” Hasen explained.
Furthermore, Hasen noted that states are not allowed to prevent Trump from participating in elections due to his attempts to overturn the 2020 election results, based on the Supreme Court’s decision earlier this year. He mentioned that adding qualifications, such as excluding convicted felons from the ballot, is not permissible.
Robert F. Kennedy, Jr. (RFK), an American politician and independent presidential candidate, also shared his perspective on Trump’s conviction. He suggested that this case was probably the weakest brought against him.
Read more: How Can Blockchain Be Used for Voting in 2024?
“My belief is it will end up helping President Trump,” RFK said.
As Trump navigates his legal challenges, his influence on the crypto market and politics remains significant. Investors, political analysts, and the broader public will continue to watch the unfolding developments closely.
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