Trump-Themed Memecoins Surge
The cryptocurrency market witnessed a significant upheaval after an assassination attempt on former U.S. President Donald Trump during a rally in Butler, Pennsylvania. The largest Trump-themed memecoin, MAGA (TRUMP), experienced a remarkable price surge of over 52%, skyrocketing from $6.31 to $10.36 shortly after the incident. This dramatic increase caused its total market capitalization to jump from $293 million to an astounding $469 million within just 45 minutes.
The assassination attempt not only boosted MAGA (TRUMP) but also positively impacted other Trump-themed memecoins. Tremp (TREMP), based on the Solana blockchain, surged by more than 63% within an hour of the incident, while another memecoin, MAGA Hat (MAGA), saw a brief spike of 21%. This surge underscores the volatile nature of the cryptocurrency market, especially in response to significant political events.
Details of the Assassination Attempt
On July 13, during a rally in Butler, Pennsylvania, several shots were fired at Trump from an unknown direction while he was on stage. The former president reacted swiftly, clutching his ear and dropping to the ground as Secret Service agents rushed to protect him. An official spokesperson from Trump’s campaign later assured the public that he was unharmed and was 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 said in a statement. The incident had immediate repercussions in prediction markets as well. On Polymarket, an Ethereum-based prediction market, Trump’s odds of winning the upcoming election jumped from 60% to 68%, while President Joe Biden’s predicted odds of reelection fell from 30% to 15%. As a result, Trump is now the clear favorite on the prediction market, with overall odds of 70%, while Biden trails behind with a 15% chance of winning, and Vice President Kamala Harris has a 9% chance.
Trump’s Evolving Stance on Cryptocurrency
Interestingly, Trump’s stance on cryptocurrencies has evolved over time. Despite previously criticizing Bitcoin as a “scam,” he has recently changed his tune. On June 14, Trump declared that he would end the Biden administration’s “war on crypto” if elected president. Trump has also criticized Biden for his harsh stance on cryptocurrencies, emphasizing that the United States should strive to be a leader in the crypto industry. As reported, a survey conducted by the Harris Poll revealed that one in three voters in the U.S. consider a candidate’s position on cryptocurrencies before making their voting decision.
Another survey conducted by leading crypto venture capital firm Paradigm revealed that Trump’s poll numbers for the 2024 U.S. Presidential Election enjoy significant support from the crypto community. The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden. Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.
the assassination attempt on Donald Trump not only had immediate political repercussions but also significantly impacted the cryptocurrency market. The rapid surge in Trump-themed memecoins highlights the market’s sensitivity to political events, while Trump’s evolving stance on cryptocurrency suggests a growing influence of the crypto community in shaping political outcomes.
