cryptoglobe.com
Shortly after former U.S. President Donald J. Trump was convicted on 34 felony counts for falsifying business records involving reimbursements to his former lawyer Michael Cohen for hush money payments, several Trump-inspired meme-inspired cryptocurrencies were launched, with one trader making over $160,000 in just 5 hours from them.
According to the New York Times, Trump was convicted for falsifying records to cover up a sex scandal with former adult industry star Stormy Daniels with the judge overseeing the case releasing the former U.S. President on his own recognizance and setting his sentencing for July 11.
Trump reacted the verdict saying it was a “disgrace,” and said that the “real verdict is going to be November 5, by the people,” referring to Election Day, while his lawyers argued the case politically motivated and said he would appeal the conviction.
The memecoin community respond to the news with the launch of several memecoins inspired on the verdict, and one trader made around 972 Solana ($SOL) worth roughly $167,000 in just five hours through these tokens.
The trader used Trump-themed tokens called FREE TRUMP ($FREE) and NEVER SURRENDER ($TRUMP) to get to his results, spending 85 SOL to buy $FREE, before selling those tokens for 814 SOL and making a $125,000 gain.
The trader also spent $12,300 worth of SOL on $TRUMP tokens, which were then sold for $54,000 to realize a $42,000 gain.
As the news of #DonaldTrump being found guilty, many Trump-themed #MEMEcoins were created.
— Lookonchain (@lookonchain) May 31, 2024
A smart trader has made ~ 972 $SOL($167K) in 5 hours by trading Trump-themed tokens FREE TRUMP( $FREE) and NEVER SURRENDER( $TRUMP).
He spent 85 $SOL($14.6K) to buy $FREE and sold for… pic.twitter.com/G1uEO49Zw6
Solana’s ecosystem has been seeing a memecoin mania amid the cryptocurrency market’s recovery, with several fortunes being made – and lost – over the last few months within it.
As CryptoGlobe reported, in a recent case, a crypto trader sold their $GME memecoin token holdings after a meme stock frenzy surrounding GameStop resurfaced earlier this month, for a loss of over $122,000 after capitulating.
Notably, cryptocurrency investment products offering exposure to Solana’s native token SOL have been seeing significant inflows, adding in $8 million over the past week, bringing total year-to-date flows to $29 million as investors keep betting on the smart contract platform.
Featured image via Unsplash.