Trump Memecoins Surges After Assassination Attempt on Donald Trump
The price of the largest Donald Trump-themed memecoin, MAGA (TRUMP), skyrocketed following an assassination attempt on the former U.S. president during a rally in Butler, Pennsylvania. The ethereum-based memecoin surged from $6.31 to $10.36 immediately after the incident, boosting its market capitalization from $293 million to $469 million in less than 45 minutes, according to CoinMarketCap data.
Similarly, other memecoins like TREMP and MAGA climbed 111% and 55% respectively following the incident. All three memecoins have since traded back down from the highs, but are still green on the weekly. TRUMP and MAGA have the highest valuation in the political memes category, with a market cap of $332 million and $76 million respectively.
The dramatic price movements followed a tense moment at the July 13 rally, where several shots were fired as Trump was speaking on stage. Witnesses reported that Trump clutched his ear and fell to the ground as U.S. Secret Service agents rushed to protect him. Despite the chaos, Trump managed to raise his fist and shout towards the crowd before being escorted off the stage by his security detail.
The events also had a notable impact on the prediction market. On Polymarket, a Polygon-based prediction market platform, Trump's odds of winning the upcoming election surged from 60% to 68% immediately after the assassination attempt. In contrast, President Joe Biden's reelection odds dropped from 30% to 15%. Trump now stands as the clear frontrunner on the platform, with overall odds of 71%, compared to 18% for Biden and 5% for Vice President Kamala Harris.
