In the aftermath of a shocking assassination attempt on Donald Trump, the value of several meme coins themed around the former US President has seen
In the aftermath of a shocking assassination attempt on Donald Trump, the value of several meme coins themed around the former US President has seen a significant uptick. Known for his recent endorsements of digital assets, Trump’s presence continues to heavily influence the crypto market.
This incident occurred while he was speaking at a campaign rally in Butner, Pennsylvania, where he narrowly escaped harm thanks to the quick actions of the US Secret Service.
Market Reaction to the Attempted Attack
Following the incident, meme coins associated with Trump’s image and persona recorded remarkable gains. According to DexScreener, the MAGA token (TRUMP/WETH), an Ethereum-based token, jumped from $6.17 to $10.46.
Another token, Donald tremp (tremp/SOL) on the Solana network, escalated from $0.39 to $0.84, marking a 132.35% increase in value.
Additionally, the event spurred the creation of new Trump-themed meme coins, such as the Solana-based Make Ear Great Again (MEGA/SOL), which astonishingly surged 30,982% in just a few hours.
A Donald #Trump-themed #memecoin, #MAGA (#TRUMP), spiked over 30% following an assassination attempt on the former President at a rally in Butler, #Pennsylvania, raising its market cap from $293 million to $469 million.
Other Trump-themed memecoins, such as Solana-based Tremp… pic.twitter.com/4r7HyZLgRE
— TOBTC (@_TOBTC) July 14, 2024
Donald Trump’s Response and Future Prospects
In response to the incident, Trump shared his experience on his social media platform, Truth Social, describing the moment he was hit by a bullet. He confirmed the neutralization of the shooter, whose identity and motives remain undisclosed.
Trump’s Shared His Experience on Truth Social Platform After Shot https://t.co/cmI5Rpkm72
— News-Affairs (@NewsAffairs7) July 14, 2024
This event appears to have bolstered Trump’s image, with election prediction site Polymarket now estimating his chances of winning the upcoming US Presidential election at 70%.
Crypto Community’s Mixed Reactions
Trump’s recent embrace of cryptocurrency has drawn mixed reactions from the crypto community.
While he has received notable support and donations from figures like Jesse Powell, co-founder of Kraken, and the Winklevoss twins of the Gemini exchange, others like Arthur Hayes, founder of the BitMEX exchange, remain sceptical of his sudden interest in digital assets.
This series of events underscores the volatile interplay between political developments and cryptocurrency markets, highlighting how political figures can sway market dynamics, particularly in the realm of thematic digital assets.
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