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 on stage at a rally in Butler, Pennsylvania.
Rapid Price Increase
The Ethereum-based MAGA memecoin spiked rapidly from a price of $6.31 to $10.36 immediately after the assassination attempt, seeing its total market capitalization jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data. The incident also caused a rally in the prices of several other Trump-themed memecoins.
| Memecoin | Platform | Price Before Incident | Price After Incident | Percentage Increase |
|---|---|---|---|---|
| MAGA (TRUMP) | Ethereum | $6.31 | $10.36 | 64% |
| Tremp (TREMP) | Solana | $0.50 | $0.82 | 63% |
| MAGA Hat (MAGA) | Ethereum | $1.00 | $1.21 | 21% |
The Incident
Trump was speaking on stage at a July 13 rally in Butler, Pennsylvania, when several shots were fired from an unknown direction. The former president clutched his ear as the shots sounded, dropping to the ground as US Secret Service agents rushed to protect him. While being whisked off the stage by his security detail, Trump asked them to pause while he raised his fist and shouted 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 undergoing 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 price of several Trump-themed memecoins also rallied on the news. Solana-based memecoin Tremp (TREMP) jumped more than 63% in the hour following the news, while another memecoin dubbed MAGA Hat (MAGA) briefly spiked 21% within the same timeframe.
Speculators on the Ethereum-based prediction market Polymarket were quick to place their bets as well, with Trump’s odds of clinching a victory in the upcoming election jumping from 60% to 68% immediately after the assassination attempt, according to Polymarket data. Meanwhile, President Joe Biden’s predicted odds of winning reelection fell from 30% to 15%.
| Candidate | Odds Before Incident | Odds After Incident |
|---|---|---|
| Donald Trump | 60% | 68% |
| Joe Biden | 30% | 15% |
| Kamala Harris | 10% | 9% |
Trump now stands as the clear favorite on the prediction market, with overall odds of 70% compared to just 15% for Biden and 9% for Vice President Kamala Harris.
Trump’s Evolving Stance on Cryptocurrency
Trump, formerly a skeptic of cryptocurrencies, had said on several occasions 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 bring an end to 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 while on the campaign trail. On May 26, he took aim at Biden, arguing that the US must not settle for anything but the top place in the crypto industry.
The recent assassination attempt on Donald Trump had an immediate impact on the prices of Trump-themed memecoins, with significant price increases observed within a short period. Additionally, political betting markets reacted strongly, reflecting a shift in perceived election outcomes. This event also highlighted Trump’s evolving stance on cryptocurrency, indicating a broader acceptance and potential policy changes if he were to be re-elected.
Featured image credit: Collections via GetArchieve
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