A guilty verdict has been reached in the long-awaited Hush Money trial, with former U.S. President Donald Trump found guilty on all 34 felony counts by a unanimous decision from 12 jurors in New York, with sentencing set for July 11.
However, for one crypto trader, there is a silver lining in this verdict, as he managed to earn over $167,000 with well-placed trades involving Trump-related tokens, FreeTrump (FREE), and Never Surrender (TRUMP) created shortly after the guilty verdict was reached.
How did the trade unfold?
Using a strategic approach, the trader capitalized on the volatility of Trump-themed tokens, specifically FreeTrump and Never Surrender. In just five hours, the cryptocurrency trader converted them into approximately 972 Solana (SOL) tokens, equivalent to $167,000.
The trader initially spent 85 SOL (worth $14,600) to purchase FREE tokens and subsequently sold them for 814 SOL (worth $140,000), resulting in a profit of 729 SOL (equivalent to $125,000).
Additionally, 72 SOL (worth $12,300) was used to acquire TRUMP tokens and later sold for 315 SOL (worth $54,000), yielding a profit of 243 SOL (equivalent to $42,000).
The ongoing political fight by Donald Trump is bringing gains to crypto traders
Although not directly linked to Donald Trump, the MAGA (TRUMP) token surge has created a new class of millionaires in the emerging PoliFi crypto sector, where politics, finance, and cryptocurrency converge.
According to on-chain data provider CoinMarketCap, the TRUMP token has surged 75% in the past week. On May 21 alone, it increased by 14% following the Trump campaign’s announcement that it would accept crypto donations, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB).
Traders are using the TRUMP token as a speculative investment tied to Trump’s ongoing presidential campaign, contributing to its recent significant gains.