Trump's Legal Battles Shake Meme Coins, But Crypto Donations Might Save the Day_blog

31 May, 2024

Trump's Legal Battles Shake Meme Coins, But Crypto Donations Might Save the Day

Meme coins are notoriously volatile, rising and falling with market sentiment. On Thursday, Trump-themed coins plummeted after former U.S. President Donald Trump was convicted on 34 felony charges. The largest of these coins, MAGA (ticker: TRUMP), experienced a dramatic 25% drop, sinking from $15 to $11.27 shortly after the verdict was announced, before slightly rebounding to $12.37. Other Trump coins, including MAGA Hat (MAGA), Super Trump (STRUMP), and MAGA VP (MVP), saw similar declines of 16% and 22%, respectively.

Conversely, not all Trump-themed tokens followed this downward trajectory. Doland Tremp (TREMP), a deliberately misspelled Trump tribute coin, maintained its value, oscillating as traders speculated on the Solana-based token. This market volatility coincides with Trump's conviction for falsifying business records to conceal an affair with adult entertainer Stormy Daniels, making him the first U.S. president to be convicted of a felony.

The political repercussions of Trump's legal battles also affected traditional markets. Shares of Trump Media & Technology Group (DJT) dropped 9% in after-hours trading. Meanwhile, Joe Biden-inspired meme coins surged, with Jeo Boden (BODEN) rising 12% after the verdict.

Trump Embraces Cryptocurrency Donations for Presidential Campaign

In a bid to secure a second term, former President Donald Trump is now accepting cryptocurrency donations through his official campaign website, powered by Coinbase. This move marks the first time a major party presidential nominee has fully embraced cryptocurrency donations, expanding beyond common cryptocurrencies like Bitcoin and Ethereum to include meme coins such as Shiba Inu and XRP.

Trump's pivot towards digital assets is noteworthy, especially given his past criticism of Bitcoin as a "scam." During a recent event for holders of his NFT project at Mar-a-Lago, Trump expressed his newfound support for cryptocurrency, attributing the U.S. crypto industry's struggles to regulatory hostility. He assured attendees of his intent to create a more favorable environment for crypto if re-elected.

Trump's pro-crypto stance is reflected in the market's reaction. Analysts suggest that his advocacy may influence regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), to adopt a more crypto-friendly approach.

Trump-Themed Cryptocurrencies Defy Market Trends

Despite his recent legal troubles, Trump-themed cryptocurrencies have demonstrated resilience. After an initial drop following the news of his conviction, the largest Trump coin, MAGA, quickly rebounded, gaining 6% over the past 24 hours and 71% over the week. This resurgence is largely attributed to Trump's pro-cryptocurrency rhetoric, which has improved market optimism.

Trump's cryptocurrency portfolio has also seen substantial growth, with a 141% increase to $12.8 million, according to Arkham Intelligence. MAGA remains the most significant holding in his digital asset portfolio. Meanwhile, a new Solana-based meme coin, Innocent Trump (INOTRUMP), launched today with a significant liquidity lock, is poised for substantial gains following its imminent listing on KuCoin.

Regulatory Developments and Market Dynamics

The legislative landscape for cryptocurrency in the U.S. is evolving. The House of Representatives recently passed the Financial Innovation and Technology for the 21st Century Act, aiming to establish a clear legal framework for cryptocurrencies. This legislative push, coupled with the SEC's approval of spot Ethereum ETFs, shows the growing institutional acceptance of digital assets.

The approval of Ethereum ETFs, in particular, is expected to drive substantial market growth, similar to the surge seen with Bitcoin ETF approvals earlier this year. Analysts foresee Ethereum's price reaching new heights, bolstered by increased institutional investment and market liquidity.

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03 Jun, 2024

Luang Prabang Approves New Economic Zone for Tourism, Economic Growth

Luang Prabang is set to launch a new economic zone for the development of ecology, agriculture, and tourism at a 7,693-hectare site in Luang Prabang City and Xiengngeun district.On 23 May, during the 1st Ordinary Session of the Luang Prabang Provincial People’s Council (Series 2), local authorities in Luang Prabang approved two draft agreements to outline the plan. However, a start date and an estimated cost for the project are yet to be disclosed.According to local media, the primary goal of the scheme is to enhance tourism and foreign investors to Luang Prabang. The project also aims to improve agricultural production and enhance agricultural exchanges in the region.Meanwhile, the officials have delineated the rights and provisions for people affected by the economic zone’s construction, including the expected compensation for those impacted by the project. During the meeting in Luang Prabang, the provincial Natural Resources and Environment Department further provided the participants with feedback and clarifications.Before approval, the scheme underwent thorough scrutiny by the People’s Council of Luang Prabang province, ensuring that the preparation processes complied with the Law on Legislation and the Law on Land Allocation.

29 May, 2024

Donald Trump, Once a Bitcoin Skeptic, Declares Support for Crypto in Truth Social Post

Quick Take① Shortly before his scheduled address at the Libertarian National Convention, former President Donald Trump declared he’s feeling “positive and open-minded” to the cryptocurrency industry. ② Trump had previously expressed distrust of cryptocurrencies, but has changed his opinion as part of the 2024 election cycle and following a Trump-branded NFT project.Donald Trump, once a Bitcoin skeptic, declares support for crypto in Truth Social postFormer President and current 2024 leading Republican candidate Donald Trump voiced his clearest support of crypto yet today in a post on Truth Social that he shared shortly before his scheduled appearance at the Libertarian National Convention. "I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field," wrote Trump, except in his characteristic capital letters. "There is no second place," he added before comparing himself to Biden, who Trump says wants the crypto industry to "die a slow and painful death." In recent years, Trump had voiced skepticism of cryptocurrencies when compared to the U.S. dollar. "The currency of this world should be the dollar. And I don't think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high," Trump said in a 2021 interview with Fox Business.However, following a successful foray into Trump-branded NFT trading cards (some of which, the "Mugshot Edition NFTs" earned the holders the chance to have dinner with the Donald after a trial date) and with crypto policy coming up as a significant issue on the campaign trail in recent weeks, Trump appears ready to stake out a position as the pro-crypto candidate. Trump's comments come on the eve of his address to the Libertarian National Convention Saturday night, where he may try to sway voters away from supporting third-party candidate Robert F. Kennedy Jr., who has frequently espoused pro-crypto and anti-regulation views. The post also comes just days after the Trump campaign launched a tool to let contributors donate in cryptocurrencies including bitcoin, ether, solana, dogecoin and shiba inu.