Former U.S. President Donald Trump has been found guilty on all 34 felony counts of falsifying business records by a New York jury on Thursday. With this conviction, Trump has become the first former president in the United States to be convicted of a crime. However, this conviction will not disqualify Trump from the upcoming U.S. presidential elections.
The sentencing is scheduled on July 11, just days before the Republican National Convention where Trump will officially receive his party’s nomination for the presidential elections 2024. The memecoin MAGA token named after Trump also saw significant ups and downs during the jury verdict on Thursday.
Trump was accused of falsifying business records related to a hush money payment his former lawyer Michael Cohen made to adult film star Stormy Daniels in the final weeks of the 2016 presidential election.
Following the reading of the verdict in a Manhattan courtroom, Trump denounced the trial as a rigged trial by a conflicted judge who was corrupt. Each count carries a penalty of up to four years in prison, the sentence predicted to be concurrent rather than consecutive. Trump’s attorney’s motion for release was denied by Judge Juan Merchan.
Nonetheless, constitutional lawyers believe that Trump stands a high chance of being placed on house arrest in readiness for an appeal which would let him possibly continue with his campaign.
Interestingly, the biggest meme coin linked to Trump, the MAGA (TRUMP) token, experienced significant ups and downs after the verdict. Over $130 million was erased from its market value in just 20 minutes following the news, with the price falling from $13.48 to $11.27. However, the price quickly recovered and is now at $14.70, only 1.5% away from reaching its 24-hour high of $14.92.
Other Trump-related tokens, such as Super Trump (STRUMP) and Baby Trump (BABYTRUMP), also saw similar drops after the news but didn’t recover as well as TRUMP.
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