Donald Trump’s cryptocurrency wallet increased by $500,000 in value over the past 24 hours, following a New York jury’s verdict finding him guilty of 34 counts of falsifying business records. This growth includes various tokens such as Ethereum, with Trump’s wallet now holding over $13 million, according to Arkham Intelligence.
Trump’s largest cryptocurrency holding is the Maga Memecoin (TRUMP), which has experienced significant volatility. After the verdict, the token dropped from $13.50 to $11.20 before surging to $16.80.
At the time of writing, it was trading at $16.29 a 12.13% increase in 24 hours, according to CoinMarketCap. Other meme coins linked to Trump and the Republican Party also saw increased volatility.
The ruling disappointed Trump supporters, regarding the trial as political persecution, aiming to prevent him from winning elections. Trump has also supported cryptocurrencies and has also started using cryptocurrencies in his campaign and fundraising by accepting cryptocurrencies as options for contributions.
Meanwhile, on Polymarket, a blockchain-based betting platform, the wager “Trump in jail before election day?” has attracted over $900,000, with bettors estimating a 16% chance of imprisonment before November 5.
Following the jury’s decision, social media platforms have seen an increase in AI-generated images and misinformation shared by Trump supporters. According to these deep AI-generated videos, the following are stylized Trump in various scenes making it harder on the digital platform as the U.S. nears a presidential election.
With such content, the authors suggest that citizens can easily be misled hence the call for seriousness in regulation measures and creating awareness on how to maintain the integrity of the electoral process.