Altcoin
Donald Trump Meme Coins Plummet After Guilty Verdict on Felony Charges
Donald Trump-themed meme coins have experienced a significant drop in value following the former U.S. president’s guilty verdict on 34 felony charges. MAGA, the largest Trump-themed coin by market cap, plunged from $15 to $11.27 shortly after the verdict, according to CoinGecko. It has since rebounded slightly to $14.74. Other Trump-themed coins have similarly taken a hit, with some experiencing substantial declines within the hour.
Donald Trump-Themed Coins Plummet Amidst Guilty Verdict
The MAGA coin, which uses the ticker TRUMP, saw a nearly 25% dip in just over an hour. This sharp decline reflects traders’ reactions to the verdict. Similarly, less-capitalized Trump-themed coins also suffered significant losses. MAGA Hat (MAGA) fell 16%, Super Trump (STRUMP) dropped 16%, and MAGA VP (MVP) plummeted by 22%. The sudden price drops highlight the volatility of meme coins and their dependence on trader sentiment.
However, not all Trump-themed coins experienced the same fate. Doland Tremp (TREMP), an intentionally misspelled Trump tribute coin, remained nearly even over the past hour. This suggests that some traders speculate on the Solana token despite the broader market downturn. The mixed performance of these coins underscores the unpredictable nature of meme coin trading.
Trump Maintains Innocence Despite Verdict
Donald Trump was found guilty on all 34 felony charges related to the “hush money” case. The case alleged that Trump falsified business records and paid to bury press coverage of an affair with adult entertainer Stormy Daniels. This makes Trump the first U.S. president ever to be found guilty of a felony. Following the verdict, Trump maintained his innocence and called the trial “rigged.” His comments have not mitigated the market’s reaction, as evidenced by the plummeting value of Trump-themed meme coins and other financial assets associated with him.
In addition to the meme coin market, Trump Media & Technology Group (DJT) shares on the Nasdaq also saw a significant drop. The shares fell 9% in after-hours trading, reflecting investor concerns about the verdict’s implications. The verdict has had a wide-ranging impact on markets tied to Trump, highlighting the interconnectedness of financial assets and political events.
While Trump-themed coins faced a significant decline, meme coins inspired by current U.S. President Joe Biden increased after the verdict. This change in market sentiment underscores how political events can impact cryptocurrency values. On Polymarket, a blockchain-powered prediction platform, traders still bet on Trump to defeat Biden in the upcoming presidential election. Despite the guilty verdict, Trump has a strong lead with 56% odds of winning, compared to Biden’s 38%.
Trump maintains his innocence despite the guilty verdict. Industry experts have shared their perspectives, with Nigel Farage calling the verdict a disgrace and predicting a significant victory for Trump. Additionally, due to the high traffic, Trump’s crypto donation site crashed.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum is on the brink of a significant upgrade with the introduction of EIP-7732. This Ethereum Improvement Proposal aims to revolutionize the block validation process by implementing a trust-free, fair exchange mechanism between beacon block proposers and builders. The proposal’s primary goal is to enhance the network’s efficiency and security.
Technical Implications and Security Considerations
Currently, block proposers often rely on builders to assemble the content of new blocks, with a middleman ensuring smooth operations. EIP-7732 seeks to eliminate this intermediary, proposing a split in the block validation process. Under this new system, validators would first verify the overall structure of a block before delving into its contents, potentially streamlining network operations.
The proposal also introduces a Payload Timeliness Committee to ensure new blocks are added to the chain quickly and fairly. While this change could significantly improve Ethereum’s security and fairness, it would require a network-wide upgrade, necessitating careful consideration from the Ethereum community.
EIP-7732 proposes several technical changes, including a new approach to handling withdrawals from Ethereum’s beacon chain. While this could increase efficiency, it might also result in temporary empty slots in the blockchain as withdrawals catch up. The Ethereum developers behind EIP-7732 have also prioritized security, incorporating safeguards against various attack vectors and ensuring the system can resist attempts to rewrite recent blockchain history. These measures aim to fortify Ethereum’s resilience and decentralization.
If approved and implemented, EIP-7732 could represent a significant leap forward for Ethereum, potentially strengthening the network and enhancing its decentralized nature. However, the complexity of these changes requires thorough evaluation by the Ethereum community before implementation.
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Ongoing Discussions and Market Impact
While EIP-7732 is being considered, Ethereum developers are also discussing the integration of EOF (Ethereum Object Format). Tim Beiko has recommended shipping all Pectra EIPs, including EOF, in a single client release. Discussions are also ongoing regarding EIP 7702, which is being considered as a replacement for EIP 3074. However, some specification issues with EIP 7702 still need to be resolved, and Ethereum protocol developers are working in separate breakout rooms to address these challenges.
These potential changes could impact Ethereum’s market performance. Despite the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC), Ethereum has been showing bearish signs. As of the last update, Ethereum price was trading at $3,158.48, experiencing a 5.53% decline over the previous 24 hours.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Solana-based DEX (Decentralized Exchange) Jupiter (JUP) has recently captured noteworthy attention across the crypto space. Despite the broader crypto market’s bearish movement today, July 4, the JUP token has amassed optimism over future price movements.
Notably, Upbit, a well-known South Korean crypto exchange, has added support for the Solana DEX’s native token on its platform. This mover stages as an optimistic factor and is expected to bolster the token’s future price movements.
South Korean Exchange Unveils Listing
According to the official statement revealed by the Ubit crypto exchange, JUP trading is to commence today. The available pairs are JUP/USDT, JUP/BTC, and JUP/KRW.
Deposits and withdrawals will commence two hours after the official statement is revealed. The network for deposits and withdrawals is Solana.
It’s worth noting that the exchange does not support transactions through other than guided networks. Further, buy orders are prohibited for approximately 5 minutes after the trading support. “Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading support,” the exchange added.
Meanwhile, other updates on the JUP listing were also rolled out on Upbit’s official site.
Simultaneously, crypto market participants expect a paradigm shift in prices, as previous listings on the South Korean exchange have fueled significant upside actions. CoinGape Media reported earlier this year that Zetachain (ZETA) and Omni Network (OMNI) saw a phenomenal uptick in prices as trading volumes surged with Upbit listing.
These chronicles have added an optimistic tint to the JUP token’s future price movements despite today’s dip.
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Jupiter Price Plunges
At press time, the JUP token’s price saw a 3.41% fall to trade at $0.7986. Its 24-hour lows and highs are $0.7446 and $0.8273, respectively.
However, the token’s 24-hour trading volume was up 103.03% over the past day, at $219.30 million. Also, it’s worth noting that today’s fall is in line with the broader market movement. Even SOL price saw a 7.69% dip in value to trade at $134.54.
Nonetheless, as mentioned above, a substantial money influx with the listing could result in a recovered price ahead.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto market swings back to bear market as the global crypto market cap has now dropped 20% to a low of $2.15 trillion today. The market cap tumbled more than 4.20% over the last 24 hours. Bitcoin price hit a 24-hour low of $57,800, falling back to the key support level risking a collapse to $52,000.
Altcoins including Ethereum, BNB, Cardano, XRP, and Toncoin dropped more than 5%. Whereas, Solana ecosystem tokens and meme coins, as well as some AI coins witnessed a double-digit drop in the last 24 hours.
Crypto market sentiment falls back to fear amid panic selling by investors ahead of Mt. Gox’s $10 billion in BTC and BCH repayment starting this week. JPMorgan and CoinShares have warned about market shake-up on concerns of potential selloff by creditors.
Crypto Market Officially In Bear Market
As per Coinglass, $300 million worth of cryptocurrencies were liquidated in the last 24 hours. Over 102k traders were liquidated, with the largest single liquidation order on OKX crypto exchange as someone swapped ETH to USD valued at $4 million.
Nearly $250 million in long positions and $50 million in short positions were liquidated in the last 24 hours. Investors have lost over 90 billion in the last 24 hours as the crypto market cap dropped from $2.24 trillion to $2.15 trillion.
Meanwhile, over 17,500 BTC options of notional value $1.02 billion are set to expire, with a put-call ratio of 0.76. The max pain point is 62,500, indicating Bitcoin price will remain under selloff pressure as BTC fell below $59k today.
Notably, the put/call ratio in the last 24 hours climbed over 1.09, with put volume above 17,200 and call volume near 15,793. This indicates options traders have turned highly bearish on Bitcoin.
Implied volatility (IV) in all terms shows significant declines, which means a market recovery in uncertain price movements will see BTC price tumble below $70,000.
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Macro Impacts Continue To Build Up
Fed Chair Jerome Powell’s latest speech and FOMC Minutes release confirmed the hawkish stance of Fed officials on rate cuts this year. Election saga with Trump leading after the latest debate has heightened pressure and Fed officials awaits further data on US inflation and the labor market.
CME FedWatch indicates two rate cuts this year. The probability of a 25 bps rate in September has jumped to 66.5% from 59% last week. The weak US economic data bolstered bets for Fed interest rate cuts this year.
US dollar index (DXY) held around 105.3 on Thursday after hitting a three-week low in the previous session. Also, the US 10-year Treasury yield dropped to 4.35% after the latest ISM and jobs data showed a slowing labor market.
Analysts predict a market rebound could come anytime and shorting Bitcoin and altcoins could prove to be the worst decision. Thus, they believe a consolidation near the current level and a rebound above $61k by the end of the week.
“A drop in USDT liquidity will not stimulate BTC growth, conversely, growth will demonstrate demand for purchasing coins,” according to an on-chain analyst.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ethereum Faces Sharp Decline As ETH Targets $3,051 Support Level
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