TRUMP and BODEN memecoins have experienced impressive volatility following Donald Trump’s conviction for falsification of business documents.
Inspired by Joe Biden, the BODEN coin saw a 20% increase, while the TRUMP coin dropped by 35% before both tokens returned to their original prices.
Despite the conviction, prediction markets like Polymarket continue to favor Trump in the November elections, with Trump having a 56% chance of winning compared to Biden’s 38%.
The recent conviction of Donald Trump by a New York jury has not only shaken the political landscape, but also the cryptocurrency market associated with political figures.
Following the verdict, the TRUMP memecoin, linked to the former US president, experienced a dramatic 35% drop. This decrease was contrasted by a significant 20% increase in the BODEN memecoin, inspired by the current president, Joe Biden.
Interestingly, these two sudden movements were quickly reversed, as TRUMP returned to a price higher than before the former president’s conviction. On the other hand, BODEN reversed as well, ending up at a lower price than before the announcement.
Impact of a Historic Conviction
Donald Trump, accused of falsification of business documents, was found guilty on all 34 charges, a first for a US president.
This historic judicial outcome immediately impacted the value of cryptocurrencies associated with his image. The TRUMP token, which had been used by his supporters as a form of political support, took a hit before bouncing back within hours.
Prediction Markets and Electoral Perspectives
My conviction is that this will eventually help President Trump win over a large part of the American public.
Robert F. Kennedy Jr.
In addition to the significant volatility of the TRUMP token, blockchain prediction markets like Polymarket show that many traders continue to bet on a Trump victory over Biden in the November elections.
On Polymarket, the odds currently favor Trump with 56%, compared to 38% for Biden, even after the verdict. This dynamic suggests that, despite the legal repercussions, a significant portion of the public still believes in Trump’s ability to make a comeback in the political scene.
Candidate Robert F. Kennedy Jr. stated that the guilty verdict against his opponent in the presidential election, Donald Trump, could ultimately strengthen the latter’s chances in November.
