The Trump (CRYPTO: $TRUMP) meme coin is down 35% on news that former U.S. President Donald Trump has been found guilty on 34 felony counts related to a hush money case.
The token sank as news broke of the verdict in the legal case that took place in New York City.
Trump had been accused of falsifying business records in connection to hush money he paid to a former porn star to buy her silence during the 2016 presidential election.
Trump is the first U.S. president to be convicted of a felony. He faces a range of sentences, including prison time, house arrest, and/or probation. Sentencing is set to take place on July 11.
Despite the Trump meme coin’s price falling, %Cryptocurrency traders are still betting that the former president reclaims the White House in a presidential election this November.
Crypto traders are placing the odds of a Trump victory in November at 56%, well ahead of 38% for Trump’s opponent, current U.S. President Joe Biden.
Separately, news of the felony convictions also sent the stock of Trump Media & Technology Group (NASDAQ: $DJT) down as much as 15% before it recovered much of that decline.
Trump is widely expected to appeal his conviction, which could delay his sentencing beyond July and possibly past the presidential election this November.
