Morning Minute | Trump Tokens Tank on Verdict, Rebound
TylerD's Market Summary
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🧑⚖️ Trump Is Found Guilty, Market Reacts
Politics and crypto have seemingly never been more intertwined.
And the latest bombshell verdict in the Donald Trump's latest trial has proven as much.
What Happened?
Yesterday Trump was found guilty on all 34 counts of falsifying business records by a New York jury.
This marked the first time a U.S. President has been convicted of a felony.
Notably since these are state crimes, Trump would not be able to pardon himself of these Felony counts even if he is elected President in November.
Which still seems a likely outcome, based on Polymarket.
Trump's election odds dipped just 2% from 56% to 54% to win in November, with Biden jumping 3% from 37% to 40% on the day.
Presidential candidate Robert F. Kennedy, Jr. agreed.
Speaking at Consensus in Austin, he commented on the verdict:
"My belief is that it will end up helping President Trump among a large part of the American public."
He went on to state that he's not a fan of Trump's but is "happy" about Trump's pro-crypto stance.
The crypto market impact was much bigger than the prediction market impact however.
Market Impact
Immediately upon the verdict, the $TRUMP token on ETH (widely thought to be THE Trump token) fell nearly 50% to $9.69 ($450M mc).
It was a brief dip.
Just an hour or so later, news spread that Trump's donation site had crashed due to a huge surge in traffic.
Traders realized this and flipped long on TRUMP.
The $TRUMP token rebounded fast, erasing the entire -50% wick and flipped green.
After the dust settled this morning, the market is mixed across the various Trump tokens:
- $TRUMP +11% to $664M mc
- $MAGA -20% to $161M
- $tremp +9% to $113M
- $boden -7% to $194M
- THE DONALD TRUMP (rune) -19% to $12M
A few new TRUMP tokens soared 300x-400x as well in the wake.
Quite the bumpy ride.
A few takeaways from a trading perspective:
- Any major macro political news is going to have a severe impact on the PoliFi market (there's money to be made if you can predict these events)
- $TRUMP on ETH is the big dog and clear leader
- $tremp seems to be the strongest Trump token on Solana, and Boden feels weak
- For those that feel they missed the run, the key is to look for new tokens that launch (a MAGA runes pumped 300% this week, several new Solana tokens have soared much more)
There is still a full 5 months until the election.
Time to lock in and pay attention to this sector.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH led NFT trading volume with $5M on the day (+9%); BTC was next with $4.9M (-5%) and then Solana with $3M (+20%)
- ETH NFT leaders were mostly green with BAYC +3% to 13.4 ETH and Pudgy even at 10.7, Pixelmon +7% to 0.62
- Wolf Game and Checks - Orignals were notable outperformers on the day, jumping 16% each
- BTC NFT leaders were mixed; NodeMonkes +10% 0.268, Puppets -3% at 0.15 BTC, OMB even at 0.28 and Quantum Cats -5% at 0.3
- DOG jumped another 12% on the day to $800M mc and continues to lead Runes; CATS (+54%), ZBIT (+67%) and ELSA (+31%) were notable winners
- Mad Lads were up 5% to 65 SOL, even after seemingly delivering an honorary Mad Lad to Iggy Azalea; broader SOL NFTs were mixed
- Blast NFTs were mostly green; Apollo +7%, Plutocats +1%, Ship +7%
- Pudgy Penguins announced a partnership with Mythical Games to build a new mobile game
- Diewithmostlike's Art Blocks drop "Nameless Dread" sold out at 0.2 ETH, raising more than $500k in the process and opened at a 0.29 ETH floor on secondary
- Nina Chanel's Super Punk World completed its airdrop and opened at a 0.85 ETH floor pre-reveal
- Memeland opened up applications for a Memland internship, with submissions due June 7
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
- TURBO jumped 15% to $450M after Binance announced futures are coming
- NIM Network announced a snapshot, congratulating its first 100,000 $NIM stakers
- Iggy Azalea's token $MOTHER rebounded 80% to $15M after a big dip yesterday
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are green this morning ahead of the PCE inflation data today; BTC +1% at $68,200; ETH +1% at $3,780, SOL +1% at $167
- Memecoin majors are slightly green this AM with DOGE +1%, PEPE +10%, WIF +1%, BONK +3%; ELON, KEYCAT, MOTHER outperform
- Xai launched Xai Builder in strategic collaboration with Horizon and Sequence
🚀 Memecoin Movers
- $ELON (+125%, 338M market cap, ETH)
- $KEYCAT (+87%, $68M market cap, Base)
- $MOTHER (+80%, $15M market cap, Solana)
- $TOSHI (+30%, $140M market cap, Base)
- $HARAMBE (+26%, $30M market cap, Solana)
📈 NFT Floor Price Increase (ETH)
- Seedworld Vanguards (37%, 0.26 ETH Floor)
- CyberV (30%, 0.2 ETH)
- Mounts of Seedworld (23%, 0.28 ETH)
- Pixelmon Trainers (23%, 0.12 ETH)
- Pixelmon (17%, 0.68 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another busy day of mints and drops.
frucks is the highlight on Bitcoin in what is the most hyped new mint in weeks, maybe months.
The Super Punk World fiasco comes to an end today after its airdrop to the Super Cool World holders.
And diewithmostlikes is back with Art Blocks for "nameless dread.'
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Memes by 6529 (11:00 a.m. ET)
- Bitcoin Jurassic (11:00 a.m. ET)
- Flockerz (11:00 a.m. ET)
- yungwknd x Prohibition - Transitions (12:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.
