The largest meme coin associated with United States presidential candidate Donald Trump, known as the MAGA (TRUMP) token, has made a swift recovery after experiencing a sharp 16% drop. This volatility followed the news that Trump was found guilty on 34 felony counts related to falsifying business records.

The charges stem from Trump’s alleged attempt to conceal a hush money payment to adult film star Stormy Daniels. Despite the conviction, Trump has maintained his innocence, calling the trial a “disgrace” and claiming it was rigged by a corrupt judge under the Biden administration. "This was done by the Biden administration in order to wound or hurt a political opponent [...] The real trial is going to be November 5 by the people," Trump stated.

Following the guilty verdict, more than $130 million was wiped from the TRUMP token’s market cap within a short 20-minute window, dropping from $13.48 to $11.27 according to CoinGecko data. However, the token quickly rebounded and is currently trading at $14.70, just 1.5% shy of its 24-hour peak of $14.92. This recovery came despite an earlier downward trend as jury deliberations neared a conclusion.

Other Trump-associated tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also experienced declines but did not recover as robustly as the TRUMP token.

Biden-Linked BODEN Coin Sees Temporary Rally

In contrast, the Jeo Boden (BODEN) meme coin, linked to Trump’s political rival Joe Biden, saw an initial 6.4% rally in the first 15 minutes following the news before plummeting to $0.283, even lower than its pre-verdict price. This quick rise and fall underscore the volatility and speculative nature of meme coins tied to political figures.

Market Sentiment and Future Outlook

Crypto gamblers on the blockchain-powered prediction market Polymarket still favor Trump over Biden in the upcoming November 5 election, with Trump’s odds of winning at 54% compared to Biden’s 40%.

Trump’s legal troubles now move to sentencing, which will be overseen by Judge Juan Merchan. The judge will set deadlines for sentencing memorandums, where both sides will argue for their preferred punishments.

U.S. attorney John Deaton expressed concern about the increasing political division in the country, stating, “You're going to get both sides more entrenched” leading up to the November election.

Trump’s Engagement with the Crypto Industry

In recent months, Trump has been actively courting the cryptocurrency industry. He has expressed support for the rights of the country’s 50 million cryptocurrency holders to self-custody their Bitcoin and other digital assets. In April, Trump hosted a dinner with NFT enthusiasts who purchased his Mugshot NFT, boasting that he “made NFTs hot again” and promising to keep local crypto businesses and innovators within the United States if elected.

As the political and financial landscapes continue to intertwine, the movements of meme coins like TRUMP and BODEN serve as a barometer of market sentiment and political speculation. The upcoming months will be crucial in determining how these digital assets will fare amidst the ongoing political turmoil.