- The MAGA (TRUMP) meme coin’s market cap surged from $293M to $469M within 45 minutes of the assassination attempt on Donald Trump
- Other Trump-themed meme coins, such as Trump (TREMP) and MAGA Hat (MAGA), also saw significant price increases following the news
- On Polymarket, Trump’s election odds increased from 60% to 68%, making him the clear favorite over Biden and Harris
In the 45 minutes after the news of the attempted assassination, the market cap of memecoin MAGA (TRUMP) jumped from $293 million to $469 million.
The price of the biggest meme coin dedicated to Donald Trump, MAGA (TRUMP), shot up by more than 30 percent after the attack on the former U.S. president while he was speaking on stage at a rally in Butler, Pennsylvania.
Ethereum-based meme coin MAGA saw a big jump in price right after the attack, going from $6.31 to $10.36 in less than 45 minutes. Its market cap shot up from $293 million to $469 million, according to DexScreener data.
The price of several other Trump-themed meme coins also saw a boost following the news. TREMP, a Solana-based memecoin, saw a surge of over 63% in value in the hour after the attack. MAGA Hat, another meme coin, rose 21% in the same time frame.
Trump’s Election Odds Rise on Polymarket
Speculators on the Ethereum-based prediction market Polymarket also placed their bets quickly: right after the attack, the odds of Trump winning the next election went from 60 percent to 68 percent.
Meanwhile, President Joe Biden’s re-election chances have dropped from 30 percent to 15 percent.
Trump is now the clear favorite on prediction markets, with a nearly 70 percent chance of election compared to 15 percent for Biden and 9 percent for Vice President Kamala Harris.
Trump, who had previously expressed skepticism about cryptocurrencies, has on numerous occasions labeled Bitcoin a “scam.” However, he appears to have undergone a shift in perspective regarding Bitcoin and other digital assets in recent months. If you’re curious about Trump’s stance on Bitcoin, be sure to check out this other article: Trump Considers Bitcoin a Strategic Asset
Potential Impact of a Trump Presidency on Cryptocurrencies
- Trump’s support for cryptocurrencies could lead to the repeal of restrictive regulations, creating a more favorable environment for crypto growth.
- If the government backs crypto, more banks and other financial institutions might get on board.
- Reduced regulatory barriers could spur innovation and the establishment of new crypto-related businesses and startups.
- If the U.S. leads the way with crypto-friendly policies, it could inspire other countries to follow suit, which could end up changing the global financial landscape.
