Trump's felony charges upheld, related Meme coins plunge over 30%
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Trump's felony charges upheld, related Meme coins plunge over 30%
$69,000 is a key level for BTC.
Navigating Web3 tides with focused insightsBy Mary Liu, TechFlow
On Thursday, the crypto market saw a modest overall rise. After dipping to a support level of $67,000 overnight, Bitcoin reversed its losses during midday trading and briefly reached an intraday high of $69,536.
Altcoins showed mixed performance, with top 200 tokens by market cap split between gains and losses. Notcoin (NOT) led the pack, surging 39.1% to $0.13, followed by JasmyCoin (JASMY), up 24.2%, and DOG•GO•TO•THE•MOON (DOG), rising 23.3%. The biggest losers were meme tokens cat in a dogs world (MEW) and dogwifhat (WIF), which dropped 16.8% and 9.1% respectively, while Chiliz (CHZ) fell 8.1%.
The total cryptocurrency market capitalization currently stands at $2.55 trillion, with Bitcoin’s market share at 53%.
Trump-themed tokens broadly decline
In the meme sector, tokens linked to Donald Trump declined broadly following his felony conviction. On Thursday afternoon local time, a New York jury found Trump guilty on all 34 counts, related to falsifying business records, making him the first former U.S. president to be convicted of a crime. Sentencing has been scheduled for 10 a.m. Eastern Time on July 11, with motions allowed until June 13.
After the verdict, lower-market-cap Trump-themed meme tokens plunged sharply. TRUMP dropped 35% in a short period, while MAGA Hat (MAGA) tumbled from around $15 before the verdict to $11.27 shortly after—a nearly 25% drop within just over an hour. At the time of writing, MAGA had slightly rebounded to $12.37. Super Trump (STRUMP) also fell 16%, and MAGA VP (MVP) dropped 22% within one hour.
Meanwhile, Jeo Boden, a meme token inspired by U.S. President Joe Biden, spiked 20% in short-term trading.
Nonetheless, traders on blockchain prediction market Polymarket still expect Trump to defeat Biden in the November election. At the time of publication, Polymarket priced Trump's chances of winning the election at 56%, compared to Biden's 38%.
Additionally, according to an NPR/PBS NewsHour/Marist poll released Thursday morning, nearly three-quarters of registered independents said Trump’s guilty verdict would not affect their voting decision. As CNBC reported, Trump’s legal issues won’t prevent him from running for president, as the U.S. Constitution does not bar felons from holding the highest office.
However, it remains unclear how Trump’s criminal conviction will impact his presidential race against Joe Biden.
$69,000 is a key level for BTC
Crypto analysts say that if BTC can effectively hold above the critical resistance level of $69,000—the all-time high set in 2021—it could enter a new price discovery phase.
Analysts at Secure Digital Markets warned that if the price falls below this level again, it could drop further beneath $67,000, noting, "Breaking below this threshold may signal a move toward $65,000, aligning with the 50-day moving average."
Market analyst Bloodgood noted that Bitcoin has been hovering around the $69,000 level for the past two and a half months, and he plans to wait for Friday’s Personal Consumption Expenditures (PCE) report and Bitcoin’s weekly closing price before deciding on the next move.
CryptoQuant analyst Tarekonchain highlighted the "MVRV (Market Value to Realized Value) indicator," which is said to "accurately predict Bitcoin price tops and bottoms."
Tarekonchain stated, "As long as the MVRV value remains below 2, it indicates a sustained accumulation zone, meaning prices are still below fair value. In previous cycles, peaks always occurred when the indicator reached 3.5 or higher. At those levels, we begin gradually exiting the market, as they signal we've reached or are near the peak."
They added, "Currently, the MVRV value is 2.3, suggesting there is still significant room for price appreciation toward Bitcoin’s fair value. Even if prices dip, it presents a fresh opportunity to strengthen positions. Only when the indicator approaches 3 should one start considering exits."
Tarekonchain concluded, "This means we are still far from the peak—BTC prices are likely to reach new highs this cycle, possibly exceeding $100,000."
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