Rise of Trump-Related Coins Following Assassination Attempt
The cryptocurrency world has been abuzz with activity following an assassination attempt on former U.S. President Donald Trump during a rally in Butler, Pennsylvania. Among the most notable movements was the surge in Trump-themed meme coins, particularly MAGA (TRUMP) coin, which saw its price skyrocket immediately after the incident.
On July 13, during a rally in Butler, Pennsylvania, several shots were fired as Trump was speaking on stage. Witnesses reported that Trump clutched his ear and fell to the ground as U.S. Secret Service agents rushed to protect him. Despite the chaos, Trump managed to raise his fist and shout towards the crowd before being escorted off the stage by his security detail. Trump later revealed he was shot in the upper part of his right ear, adding, “Much bleeding took place.” He is currently undergoing medical treatment and is expected to recover.
Market Reaction
The price of the largest Donald Trump-themed memecoin, MAGA (TRUMP), surged from $6.31 to $10.36 immediately after the incident, boosting its market capitalization from $293 million to $469 million in less than 45 minutes. Other Trump-related memecoins also experienced significant gains.
Doland Tremp (TREMP) and MAGA (MAGA) climbed 111% and 55% respectively following the incident. Despite trading back down from their highs, these coins remain green on the weekly charts. TRUMP and MAGA hold the highest valuations in the political memes category, with market caps of $332 million and $76 million, respectively.
Other meme coins like Super Trump (STRUMP) and MAGA Hat also experienced double-digit percentage gains. TrumpCoin (DJT), allegedly created by Martin Shkreli for Trump and his son Barron, increased by nearly 6% in the past twenty-four hours. The pioneer cryptocurrency, Bitcoin, rose by more than 3% following the attack on Trump, currently trading at $60,143, with a daily increase of 3.54% and a weekly increase of 4.22%.
Impact on the Presidential Race
The dramatic price movements of these coins were mirrored in the prediction markets. Trump’s odds of winning the upcoming election surged from 60% to 68% immediately after the assassination attempt. In contrast, President Joe Biden’s reelection odds dropped from 30% to 15%. Trump now stands as the clear frontrunner on the platform, with overall odds of 71%, compared to 18% for Biden and 5% for Vice President Kamala Harris.
Are MAGA (TRUMP) and MAGA (MAGA) the Same Coin?
No, they are not. MAGA (TRUMP) is explicitly themed around Donald Trump and is more popular and valuable, often experiencing significant price movements following Trump-related events.. It is directly connected to Trump’s persona and political influence. The best place to buy this cryptocurrency coins are crypto exchanges. More specifically, the XT exchange, where it displays significant price fluctuations, leaving room for traders to make money.
In contrast, MAGA (MAGA) is themed around the broader “Make America Great Again” slogan without specifically focusing on Trump. It is less popular, with a smaller market cap, and represents the broader MAGA movement without direct association with Trump’s personal brand. The best play to buy it is the Huobi exchange.
What Would It Take For MAGA (TRUMP) to Break Past the $10 Price Again?
For MAGA (TRUMP) to break past the $10 limit again, several factors could contribute: significant political events involving Donald Trump, increased media coverage, and strong community support can drive interest. All of these are to be expected, as Trump is set to proceed with his campaign, as well as his participation as a keynote speaker at the Bitcoin Conference in Nashville late this month following a two-week high for Bitcoin.
Conclusion
The assassination attempt on Donald Trump has not only shaken the political landscape but also sent ripples through the cryptocurrency market, particularly among Trump-themed memecoins. With significant gains observed across these coins, the incident has underscored the volatile and reactive nature of the crypto market in response to real-world events. As Trump recovers and the investigation continues, the market will be closely watching for further developments and potential impacts on these politically charged digital assets.
