In a dramatic turn of events, the price of the largest Donald Trump-themed memecoin, MAGA (TRUMP), soared over 30% following an assassination attempt on the former United States president during a rally in Butler, Pennsylvania. The Ethereum-based MAGA memecoin spiked rapidly from $6.31 to $10.36, catapulting its market capitalization from $293 million to $469 million in less than 45 minutes, according to DexScreener data.
The assassination attempt unfolded on July 13 as Trump addressed the crowd, with several shots fired from an unknown direction. The former president clutched his ear as the shots rang out, dropping to the ground while US Secret Service agents shielded him. Despite the chaos, Trump paused to raise his fist and shout toward the crowd before being whisked off the stage. A spokesperson from Trump’s campaign assured the public that Trump was “fine” and receiving medical treatment at a local facility.
“President Trump thanks law enforcement and first responders for their quick action during this heinous act,” spokesman Steven Cheung stated. “He is fine and is being checked out at a local medical facility. More details will follow.”
The impact of the assassination attempt extended beyond the MAGA memecoin. Solana-based Tremp (TREMP) jumped over 63% in the hour following the news, while another Trump-themed memecoin, MAGA Hat (MAGA), briefly surged 21% within the same timeframe.
The incident also influenced political betting markets. On the Ethereum-based prediction platform Polymarket, Trump’s odds of winning the upcoming election surged from 60% to 68% immediately after the assassination attempt. In contrast, President Joe Biden’s predicted odds of reelection fell sharply from 30% to 15%. As of now, Trump stands as the clear favorite on the prediction market, with overall odds of 70% compared to Biden’s 15% and Vice President Kamala Harris’s 9%.
This surge in Trump-related memecoins and prediction market odds highlights the volatile intersection of politics and cryptocurrency. Trump, who once dismissed Bitcoin as “like a scam,” has recently softened his stance on digital assets. On June 14, he vowed to end the Biden administration’s “war on crypto” if elected president. He reiterated his position on May 26, emphasizing the need for the US to lead in the crypto industry.
As the dust settles from the assassination attempt, the financial and political reverberations continue to unfold, underscoring the unpredictable nature of both the cryptocurrency market and the political landscape. The rapid price movements of Trump-themed memecoins reflect the intense speculation and sentiment surrounding the former president, even in the face of extreme events.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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