rump’s all about crypto now, and that MAGA memecoin is reaping the benefits in a major way.
This thing has been on one heck of a rollercoaster lately, and it just took an even crazier turn after the whole assassination attempt on former President Trump.
I’m talking about a 64% price surge — the coin jumped from $6.31 all the way up to $10.36 in just 30 minutes. That sent the total market cap skyrocketing from $293 million to a cool $469 million.
Crazy, right? MAGA coin holders must have been popping the champagne after that explosive jump.
Source: CryptoNews
What’s behind this sudden spike?
The recent sharp increase in the price of MAGA coin seems to be caused by a few different factors:
Former President Trump has recently started supporting and promoting cryptocurrency more publicly.
There is a lot of ongoing political turmoil and media coverage surrounding the former president, which appears to be driving increased interest and investment in MAGA coin.
You see, Trump’s campaign just announced they’re going to start accepting donations in major cryptos like Bitcoin, Ether, Dogecoin, and even Shiba Inu. This is a pretty big shift from Trump’s past crypto skepticism — he used to call Bitcoin “a scam” and rail against digital assets in general.
But now, with this new pro-crypto stance, it looks like Trump has given a serious boost to the MAGA memecoin. Even though it’s not officially affiliated with him, the MAGA coin has become a symbol of Trump’s brand. So investors are betting that his crypto endorsement will drive even more hype and speculative frenzy around these MAGA-themed digital assets.
Of course, the MAGA coin’s price has always been closely tied to the political fortunes of the former president. This thing has a habit of spiking in response to major events and developments in Trump’s orbit.
The assassination attempt was no exception. Trading volume on the MAGA coin skyrocketed 620% in the 24 hours after the incident, as traders rushed to place their bets. It’s clear this coin has become a proxy for speculation around Trump’s political future.
Prediction Markets See Trump Staging a Comeback
Source: The New York Times
And speaking of that political future, the MAGA coin surge was matched by a similar jump in Trump’s odds of winning the next election on prediction markets.
Over on the Ethereum-based Polymarket platform, Trump’s chances of victory leapt from 60% to 68% right after the assassination attempt. Overall, his odds of reclaiming the presidency now stand at 70% — a huge turnaround from just a few months ago when he was trailing both Biden and Harris.
Looks like the political betting crowd sees the assassination attempt as a potential boost for Trump’s electoral fortunes.
Other Meme Coins Getting in on the Political Action
Other crypto assets with strong political ties, like the MOG token, have also seen huge gains in recent days, even outperforming the mighty Dogecoin.
It just shows how the crypto market has become this bizarro world where digital assets are constantly being shaped by high-profile figures and events. Investors are basically gambling on how these coins will respond to the ever-shifting political winds. Crazy times, man.
So, Opportunistic or Genuine?
Now, Trump’s sudden crypto conversion is interesting in itself. After years of trashing digital assets, it’s a pretty big shift for him to start embracing them. Some folks argue it’s just an opportunistic attempt to harness the crypto craze for political and financial gain.
They worry that Trump’s endorsement of highly volatile and unregulated coins could put average investors at risk. But for the MAGA coin faithful, it’s validation of their faith in both the former president and the potential of blockchain-based assets. They see it as a sign that crypto is going mainstream, with even the biggest political players now jumping on board.
Who knows how this dynamic will play out in the long run. But one thing’s for sure — the blending of politics and crypto is getting more intense by the day, and the MAGA memecoin is right at the center of the action.
