Trump-Themed Memecoins Skyrocket After Assassination Attempt
Mustafa Mulla15 Jul 20242 min read
Following a sluggish movement in the memecoin market for the last few weeks, some memecoin has shown exceptional growth in tokens connected to Donald Trump. This surge in value came in the wake of an assassination attempt on former US President Donald Trump during a rally in Pennsylvania.
One of the standout performers was MAGA (TRUMP), which saw an impressive 57% increase in value. This Ethereum-based memecoin’s price skyrocketed from $6.31 to $10.36, boosting its market capitalization from $293 million to $469 million in less than 45 minutes after the incident.
As of now, MAGA (TRUMP) is trading at around $8.30, reflecting a notable rise in the past 24 hours. Despite this surge, the trading volume for TRUMP has dropped by 32%, with a current market cap of $363 million.
Understanding the Market Impact
The incident also led to significant price increases for other Trump-themed memecoins. Tremp (TREMP), a Solana-based coin, surged by 48% shortly after the attempt. Similarly, Maga Hat (MAGA) experienced a brief 35% spike, underscoring the broad market reaction to the event.
The Assassination Attempt
The world watched in shock as Donald Trump was nearly assassinated while speaking at a rally in a suburb of Pennsylvania. Various news channels captured the horrific moment when he fell to the ground after shots were heard in the background, prompting immediate action from Secret Service agents who quickly secured him and took him to safety.
Following the incident, Trump’s odds of winning the upcoming November presidential elections surged from 60% to 71% on Polymarket, an Ethereum-based prediction market.
In contrast, President Joe Biden’s reelection odds dropped from 30% to 18% and 5% for Vice President Kamala Harris.
Elon Musk’s Endorsement
Meanwhile Elon Musk, CEO of X, publicly endorsed Donald Trump after the incident, wishing him a rapid recovery and expressing support for his presidential campaign. This endorsement is expected to further influence the political domain as the election approaches.
