A failed attempt to assassinate former US President and 2024 presidential nominee Donald Trump has led to a significant increase in the prices of Trump-related memecoins. Following the incident, the largest Trump-related memecoin, MAGA (TRUMP), saw a surge of 30% in its price, jumping from $6.31 to $10.36. This sudden increase in price also caused its market cap to rise from $293 million to $469 million within just 45 minutes.
In addition to MAGA, other memecoins dedicated to Trump also experienced a spike in their values. For example, Tremp (TREMP), a memecoin on Solana, surged by over 60% within an hour of the assassination attempt. Similarly, MAGA Hat (MAGA) saw an increase of over 20% during the same period.
Furthermore, on the prediction market Polymarket, Trump’s odds of winning the 2024 presidential election rose to 68% immediately after the incident, up from 60% prior. In contrast, Biden’s odds dropped from 30% to 15% as a result of Trump’s increased chances.
The assassination attempt took place on July 13 while Trump was delivering a speech at a rally in Butler, Pennsylvania. Multiple shots were fired at him from outside the event venue, causing Trump to drop to the ground. Secret Service agents quickly responded by providing him with cover, and Trump was promptly taken to a medical facility. Fortunately, Trump’s campaign later announced that he was unharmed.
Tragically, one person at the rally lost their life as a result of the gunfire, and the shooter was also killed by the Secret Service. Following the incident, Trump took to Truth Social to express his condolences to the families of the victims and revealed that he had been shot in the upper part of his right ear.
The shocking events of that day not only had a significant impact on the cryptocurrency market but also served as a reminder of the political tensions and risks associated with high-profile figures like Donald Trump. The swift response of the Secret Service and Trump’s subsequent statement highlighting the importance of empathy and unity in the face of adversity underscored the gravity of the situation and the need for resilience in times of crisis.