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Former U.S. president Donald Trump's $454 million bond just got reduced to $175 million in an appeal. But the most prominent of the many meme coins using his likeness appeal to be cooling off following the news.
As markets opened in New York, an Ethereum-based MAGA meme coin—one of many to use the TRUMP ticker—started to lose steam. Early Monday morning, it traded as low as $4.95 and saw a 5.5% drop in an hour. But at the time of writing, it's trading for $5.09 and is down 11% after setting a 24-hour high of $5.74 overnight according to CoinGecko data.
On Solana, where the Doland Tremp (TREMP) meme coin picked up a ton of attention at the start of the month, the token is up a huge 84% over the course of the past 24 hours—but most of those gains came ahead of the court decision. It's actually down 12% over the past six hours.
TREMP is the largest Solana meme coin inspired by the former president, but scores of others (like Danold Tromp, or DANOLD) are also flooding the market. The standard meme coin warning applies: These are extremely volatile assets that soar and crash in the blink of an eye. Investors should proceed with caution. Both of the meme coins have already seen dizzying gains and big losses earlier this month.
Jeo Boden (BODEN), another Solana meme coin themed on a misspelling of President Joe Biden's last name, has gained 30% in the past day and is currently sitting at a $224 million market cap.
Trump now has an extra 10 days to pay his bond. If Trump can't pay his bond—which is the result of a fraud judgement against him—then he risks having his assets seized by New York Attorney General Letitia James. Although much of the attention has been on his properties, like the Mar-a-Lago resort in Florida, his other assets include approximately $5.7 million sitting in a crypto wallet that's been linked to him by blockchain analytics firm Arkham Intelligence.
The wallet currently contains $3 million worth of the aforementioned TRUMP meme coin. He also holds $1.3 million each of Ethereum (ETH) and Wrapped Ethereum (WETH). In December, Trump sold millions worth of ETH after his third NFT collection hit the skids.
Edited by Andrew Hayward