Trump Media stock falls after Trump’s conviction, but a MAGA meme coin is soaring

BY Chris Morris2 minute read Wall Street doesn’t seem too happy with the guilty verdict in Donald Trump’s hush money trial, but the crypto world doesn’t seem to have a problem with the former president becoming a felon. The MAGA coin, a cryptocurrency that is not directly affiliated with Trump, was rising Friday, posting gains as high as 15% before falling back to about 3% by midday, according to CoinMarketCap. That brings the meme coin’s market cap to around $670 million. Over the past week, the crypto has jumped nearly 80%, with the climb starting in earnest over the weekend. While it could easily be confused as a Trump product, the MAGA coin, which trades under the symbol TRUMP, was not launched by the former president. But that’s not stopping traders from using the MAGA coin as a speculative bet on his campaign. Trump has started to more broadly embrace cryptocurrencies in recent weeks. Earlier this week, his campaign said it would accept donations in Bitcoin, Ether, Dogecoin, and Shiba Inu. Meanwhile, CoinDesk, last Wednesday, reported a wallet that is supposedly linked to Trump holds the MAGA meme coin with a current value of… Chris Morris