As a researcher with a background in finance and a keen interest in the intersection of politics and cryptocurrencies, I find the recent events surrounding former U.S. President Donald J. Trump’s conviction for falsifying business records and the subsequent memecoin mania on Solana particularly intriguing.
Following the conviction of ex-US President Donald J. Trump on 34 felony charges for falsifying business records relating to reimbursements to Michael Cohen for silence payments, a wave of cryptocurrencies inspired by Trump emerged, with one trader raking in over $160,000 within a mere 5 hours.
The New York Times reported that Trump was found guilty of altering records to conceal a past indiscretion with Stormy Daniels, a former adult film star. The presiding judge granted Trump bail and set his sentencing for July 11th.
Trump expressed disappointment over the verdict, labeling it as “unfair.” He maintained that the true judgment would come on November 5, signifying Election Day, during which the people would have their say. Simultaneously, his legal team contended that the case was politically driven and vowed to file an appeal.
The memecoin enthusiasts reacted to the news by introducing multiple new memecoins modeled after the verdict, resulting in one trader earning approximately $167,000 or 972 Solana ($SOL) within a mere five-hour timeframe.
The trader employed Trump-branded tokens, specifically $FREE and $TRUMP, to reach his objectives. He spent 85 SOL to acquire $FREE tokens initially. Subsequently, he sold these tokens for a profit of 814 SOL, resulting in a substantial gain of approximately $125,000.
I, as a researcher, noted that the trader invested $12,300 in SOL tokens for purchasing $TRUMP tokens. Subsequently, those tokens were sold at a profit of $54,000, resulting in a significant gain of $42,000 for the trader.
The Memecoin craze has been sweeping through Solana’s blockchain community, fueled by the recent upswing in the cryptocurrency market. Fortunes have risen and fallen dramatically for some during this period.
A cryptocurrency trader lost approximately $122,000 by selling their memcoin tokens ($GME) during the latest market hype around GameStop’s meme stocks earlier this month.
Significant investments in cryptocurrency products linked to Solana’s native token SOL have surged, with over $8 million poured in during the last week. This adds up to a total of $29 million in inflows so far this year, as investors continue to place their bets on the popular smart contract platform.
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2024-06-01 01:25