The largest memecoin with a Donald Trump motif, MAGA (TRUMP), saw its price rise by more than 50% in the wake of the assassination attempt on the former U.S. president during his speech at a rally in Butler, Pennsylvania.
The value of the Ethereum-based memecoin rose from $6.31 to $10.36 immediately after the incident, causing its total market capitalization to surge from $293 million to $469 million in less than 45 minutes.
The news of the assassination attempt also had an impact on other Trump-themed meme coins. Tremp (TREMP), a memecoin based on the Solana blockchain, rose more than 63% within an hour of the incident. Another memecoin called MAGA Hat (MAGA) rose 21% in the same time frame.
Trump’s assassination attempt
During a rally in Butler, Pennsylvania , on July 13, while Trump was on stage, several shots were fired from an unknown direction. The former president reacted quickly, grabbed his ear and fell to the ground as Secret Service agents rushed in to protect him.
An official spokesman for Trump’s campaign assured the public that he was unhurt and under medical care at a local facility. “President Trump thanks law enforcement and emergency services for their swift actions during this heinous act,” spokesman Steven Cheung announced in a statement.
“His health is fine and he is undergoing tests at a local medical facility. More details will follow shortly.” The assassination attempt also had immediate consequences in the realm of prediction markets.
According to data from Ethereum-based prediction market Polymarket, Trump’s chances of winning the upcoming election rose from 60% to 68% after the incident, while President Joe Biden ‘s predicted re-election chances fell from 30% to 15%.
As a result, Trump is now the clear favorite in the prediction market, with an overall chance of 70%. Biden lags behind with a 15% chance of victory.
Trump’s stance on cryptocurrencies
It is worth noting that Trump’s stance on cryptocurrencies has evolved over time. Although he had previously criticized bitcoin as a “scam,” he has recently changed his mind. on June 14, he declared that if elected president, he would end the Biden administration’s “war on cryptocurrencies.”
Trump has previously criticized Biden for his harsh stance on cryptocurrencies, stressing that the United States should strive to be a leader in the cryptocurrency industry.
As we reported, a poll conducted by Harris Poll revealed that one in three US voters consider a candidate’s stance on cryptocurrencies before deciding on a vote.
Another survey by leading cryptocurrency venture capital firm Paradigm shows that Trump’s poll results for the 2024 U.S. presidential election enjoy significant support from the crypto community.
The survey, which polled 1,000 registered voters, found that48% of cryptocurrency owners plan to vote for the former president, while 39% intend to vote for current US President Joe Biden.
Similarly, a recent Coinbase report found that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 election.
