MAGA Coin Surges After Trump Assassination Attempt
The memecoin inspired by Donald Trump, MAGA Coin (TRUMP), has seen a significant surge following an assassination attempt on the former president. The price of the coin jumped from $6.31 to $10.36 in less than 45 minutes, representing a 46.9% increase. This surge also pushed its market capitalization from $293 million to $469 million.
Other Trump-themed memecoins also experienced price increases. Tremp (TREMP), a Solana-based memecoin, saw a 63% surge in price after the assassination attempt. Maga Hat (MAGA) also saw a brief 21% spike.
What’s Happening?
The assassination attempt occurred while Trump was speaking at a rally in Pennsylvania. Videos of the incident show Trump dropping to the ground after shots were heard. He was quickly whisked to safety by Secret Service agents. Trump’s campaign spokesman, Steven Cheung, confirmed that Trump was fine after the incident.
Following the incident, Trump’s odds of winning the upcoming presidential election on Polymarket, an Ethereum-based prediction market, surged from 60% to 68%. Biden’s odds dropped from 30% to 15% during the same period. Trump is now the clear favorite on Polymarket, with overall odds of 70%.
Elon Musk, owner of X (formerly Twitter), publicly endorsed Donald Trump after the incident, wishing him a rapid recovery.
MAGA Coin and the Crypto Community
Donald Trump is known for his pro-cryptocurrency stance and has significant support from the US crypto community. MAGA Coin (TRUMP) falls under the PoliFi category of crypto assets, meaning its price value is often influenced by developments related to the upcoming presidential elections. The recent surge in price is likely due to a combination of factors, including increased interest in the coin, speculation about Trump’s chances of winning the election, and the general sentiment surrounding the assassination attempt.
