The price of Donald Trump’s largest memecoin, MAGA (TRUMP), surged by over 30% after an assassination attempt on the former President at a Pennsylvania rally. The memecoin's value skyrocketed from $6.31 to $10.36, raising its market capitalization to $469 million within 45 minutes.
MAGA Memecoin Soars Over 30% After Assassination Attempt on Trump
According to Cointelegraph, the price of the largest Donald Trump memecoin, MAGA (TRUMP), increased by over 30% in response to an assassination attempt on the former President during a rally in Butler, Pennsylvania.
The MAGA memecoin (TRUMP), which is based on Ethereum, experienced a rapid increase in price from $6.31 to $10.36 immediately following the assassination attempt. This resulted in a total market capitalization increase from $293 million to $469 million in less than 45 minutes, according to DexScreener data.
Several shots were fired from an unknown direction in the audience while Trump was speaking on stage at a rally in Butler, Pennsylvania, on July 13.
Trump clutched his ear as shots rang out and fell to the ground as his security detail raced to his aid.
Trump requested that his security details halt. He raised his fist and shouted at the audience as he was transported from the stage.
According to an official spokesperson from Trump's campaign, the former President was "fine" following the incident and informed the Associated Press that he 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. “He is fine and is being checked out at a local medical facility. More details will follow.”
The news also resulted in a rise in the price of numerous other memecoins that were themed around Trump.
Tremp (TREMP), a memecoin based in Solana, experienced a surge of over 63% in the hour following the news. Meanwhile, the MAGA Hat (MAGA) token momentarily experienced a 21% increase within the same timeframe.
Trump's Election Odds Surge After Assassination Attempt; Prediction Markets Show Increased Support
In the immediate aftermath of the assassination attempt, the odds of Trump winning the upcoming election increased from 60% to 68%, according to data from the Ethereum-based prediction market Polymarket. Speculators were also quick to place their wagers.
In the same timeframe, the predicted likelihood of President Joe Biden securing an election victory decreased from 30% to 15% in the last hour.
Trump is currently the most popular nominee on the prediction market, with an overall likelihood of 70%, while Biden and Vice President Kamala Harris have odds of only 15% and 9%, respectively.
In recent months, Trump, previously skeptical of cryptocurrencies, has radically altered his stance on Bitcoin and other digital assets. He has repeatedly stated that Bitcoin was "like a scam."
Trump declared on June 14 that he would terminate the Biden administration's "war on crypto" if he were elected President.
It was not the first time that Trump had criticized Biden for his harsh posture on crypto while on the campaign trail. On May 26, he criticized Biden, contending that the United States must not accept anything less than the highest position in the crypto industry.