For Advertising Inquire via
Select Page

This post was originally published on this site

Donald Trump and his fans are losing big on the crypto marketplace following his guilty verdict, despite his bragging just days earlier that he was confident in cryptocurrency.

As news of the verdict broke Thursday, the TRUMP token fell 35 percent, while a memecoin for President Joe Biden called “Jeo Boden” grew 20 percent.

Trump may have personally lost money last night too. According to blockchain data tracked by Arkham Intelligence, the former president reportedly holds assets worth approximately $10 million, with sizable amounts of MAGA tokens, ethereum (ETH), and MAGA VP tokens.

Alongside these memetokens, Trump has launched three NFT collections since December 2022, including the “Mugshot Edition NFTs.” But as the hush-money trial began in late April, the first edition of the Trump Digital Trading Card’s trading volumes fell 99 percent in 30 days.

Trump has bet heavily on a cryptocurrency payoff. Earlier this month, he spent one of his few days off the trial courting NFT buyers at a dinner in Mar-a-lago. Shortly after, he vowed to “build a crypto army.” And on Thursday, just hours before the verdict, Bloomberg reported that Trump was discussing crypto policy with Elon Musk.

While Musk denied specifically talking about crypto, it does appear that the Trump campaign is looking for an advisory role for Elon if he wins a second term.

Meanwhile, Trump and his allies are losing on standard markets too, with Truth Social stocks plummeting as much as 15 percent on Thursday.

Despite Trump’s myriad monetary failures, crypto traders at Polymarket, the blockchain-powered betting site, are still banking on Trump defeating Biden—putting his odds of winning at 54 percent—even after the conviction. Traders are also placing $900,000 wagers on whether Trump will see the inside of a jail cell by November, with some saying he has a 17 percent chance of imprisonment.

Ultimately, let’s hope the only blocks and chains Trump is involved with in the next year are in a cell block.