Shortly after former US President Donald J. Trump was found guilty of 34 charges of falsifying company documents in connection with hush-money payments to his former lawyer Michael Cohen, several Trump-inspired meme cryptocurrencies were launched. One trader made more than $160,000 in just five hours.

According to the New York Times, Trump was convicted of falsifying documents to cover up a sex scandal involving former porn actress Stormy Daniels. The judge released Trump on his own recognizance and determined that the sentencing will take place on July 11.

Trump called the conviction a “disgrace” and stated that “the real verdict will be delivered by the people on November 5,” referring to Election Day. His lawyers argued that the case was politically motivated and announced they would appeal.

The meme cryptocurrency community quickly responded by launching several tokens based on the conviction. A trader made approximately 972 Solana (SOL), worth approximately $167,000, within five hours by trading these tokens.

This trader bought Trump-themed tokens called FREE TRUMP (FREE) and NEVER SURRENDER (TRUMP), spending 85 SOL on $FREE and later selling those tokens for 814 SOL, making a profit of $125,000.

Additionally, he purchased $12,300 worth of $TRUMP tokens, which he then sold for $54,000, resulting in a profit of $42,000.

The Solana ecosystem is experiencing a memecoin mania amid the crypto market’s recovery, with several fortunes made and lost in recent months.

According to CryptoGlobe, a crypto trader recently sold his $GME memecoin token holdings following a resurgence of the meme stock mania surrounding GameStop earlier this month, losing more than $122,000 after capitulating.

Notably, crypto investment products offering exposure to Solana’s native token SOL have seen significant inflows. $8 million was added in the past week, bringing total inflows since the start of the year to $29 million, as investors continue to bet on the smart contract platform.


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