Donald Trump was found guilty and convicted in all 34 charges in the hush money case with Stormy Daniels. The court event made cryptocurrencies related to Trump soar in price as the news of his conviction broke out.
Cryptocurrency tokens such as FreeTrump (FREE), and Never Surrender (TRUMP) were created on the day of the court hearing. However, none of these tokens are endorsed by the former president nor does he have anything to do with their launch.
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It is assumed that fans of the president pushed the tokens out in the market to make hay when the sun was shining. Coming back to the point, Trump-related tokens took centerstage and were mostly pushed out on right-wing and freedom forums.
Cryptocurrency: Trump-Inspired Tokens Deliver $167,000 Profits
One such mysterious investor made good use of the hearing and netted $167,000 in just five hours of trading. A trader spent $14,600 (85 SOL) and purchased FreeTrump (FREE) cryptocurrency during the court hearing on the hush money case. As luck had it, his investment of $14,600 turned into $140,000, and the mysterious holder cashed out (814 SOL).
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In addition, the trader acquired TRUMP tokens worth $12,300 (72 SOL) and sold them for a profit of $54,000 (315 SOL). The profits in the trade were 243 SOL in just a few hours. The Trump-themed cryptocurrency delivered stellar returns on the hearing day and this investor was there at the right place and right time.
In total, the anonymous investor netted $167,000 in just five hours of trading in Trump-themed cryptocurrencies. There are many more such Trump-inspired cryptocurrencies like MAGA among various others. Nonetheless, these are all speculative tokens and might not even remain in the markets tomorrow.
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The chances of a rug pull or outright fraud remain high on these types of cryptocurrencies. The modus operandi is to push out tokens based on current events and trends and rug pull later.
