Donald Trump Memecoin Soars 50% in One Hour

The price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination attempt on the former United States president while he was speaking at a rally in Butler, Pennsylvania.

The Ethereum-based MAGA memecoin rapidly increased from $6.31 to $10.36 immediately after the incident, with its total market capitalization jumping from $293 million to $469 million in less than 45 minutes, according to DexScreener data.

Several other Trump-themed memecoins also saw price increases in response to the news.

The Solana-based memecoin Tremp (TREMP) surged more than 63% within an hour of the news, while another memecoin called MAGA Hat (MAGA) briefly spiked by 21% in the same timeframe.

Trump was speaking on stage at a July 13 rally in Butler, Pennsylvania, when shots were fired from an unknown direction.

Trump clutched his ear as the shots rang out and dropped to the ground as US Secret Service agents rushed to protect him.

While being escorted off the stage by his security detail, Trump paused to raise his fist and shout toward the crowd.

An official spokesperson from Trump’s campaign told the Associated Press that the former president was “fine” following the incident 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 and continued: “He is fine and is being checked out at a local medical facility. More details will follow.”

Speculators on the Ethereum-based prediction market Polymarket quickly placed their bets, with Trump’s odds of winning the upcoming election increasing from 60% to 68% immediately after the assassination attempt, according to Polymarket data.

Meanwhile, President Joe Biden’s predicted odds of reelection fell from 30% to 15%.

Trump is now the clear favorite on the prediction market, with overall odds of 70% compared to 15% for Biden and 9% for Vice President Kamala Harris.

Trump, who was formerly skeptical of cryptocurrencies, had previously said that Bitcoin was “like a scam.” However, he has recently changed his stance on Bitcoin and other digital assets.

On June 14, Trump declared he would end the Biden administration’s “war on crypto” if elected president.

This was not the first time Trump had criticized Biden for his harsh stance on crypto. On May 26, he argued that the US must strive to be the leader in the crypto industry.

Sources:

https://cointelegraph.com/news/donald-trump-memecoin-price-soars-following-assassination-attempt

https://dexscreener.com/ethereum/0xe4b8583ccb95b25737c016ac88e539d0605949e8

https://x.com/Acyn/status/1812249329203286464

https://apnews.com/live/election-biden-trump-campaign-updates-07-13-2024

https://polymarket.com/event/presidential-election-winner-2024?tid=1720914083036