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    TRUMP Token Sinks After Former U.S. President Is Found Guilty in New York

    TRUMP dropped 35%, while Jeo Boden surged 20% in the aftermath.

    by Nick Baker
    Updated May 30, 2024, 9:36 p.m. Published May 30, 2024, 9:27 p.m.
    Donald Trump
    Donald Trump

    A jury finding Donald Trump guilty is more than just bad news for the former U.S. president: The announcement also smacked holders of the TRUMP meme coin.

    The token sank as much as 35% after the verdict. Meanwhile, Jeo Boden, a meme coin inspired by President Joe Biden, soared 20%.

    Trump was found guilty on Thursday by a New York jury on all 34 counts. He was accused of falsifying business records. He's the first U.S. president convicted of a felony.

    Over at Polymarket, the blockchain-powered prediction market, traders nonetheless continued to expect Trump to defeat Biden in the November election. Trump is well ahead – with 56% odds of winning, versus 38% for Biden – even after the verdict.

    CORRECTION (May 30, 2024, 21:35 UTC): Fixes misspelling of TRUMP.



    Donald TrumpPolymarketJoe Biden
    Nick Baker

    Nick Baker is CoinDesk's deputy editor-in-chief. He won a Loeb Award for editing CoinDesk's coverage of FTX's Sam Bankman-Fried, including Ian Allison's scoop that caused SBF's empire to collapse. Before joining in 2022, he worked at Bloomberg News for 16 years as a reporter, editor and manager. Previously, he was a reporter at Dow Jones Newswires, wrote for The Wall Street Journal and earned a journalism degree from Ohio University. He owns more than $1,000 of BTC and SOL.

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