The price of the largest Donald Trump memecoin, MAGA (TRUMP), surged over 30% following an assassination attempt on the former President while he was speaking at a rally in Butler, Pennsylvania. The Ethereum-based memecoin spiked rapidly from $6.31 to $10.36, causing its market capitalization to jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data.
Immediate Market Reactions
Other Trump-themed memecoins also saw significant gains following the news. The Solana-based memecoin Tremp (TREMP) surged more than 63% within an hour, while MAGA Hat (MAGA) saw a 21% increase during the same timeframe.
Details of the Incident
On July 13, while Trump was speaking on stage in Butler, several shots were fired from an unknown direction. Trump clutched his ear as shots sounded and dropped to the ground as his security detail rushed to protect him. While being whisked off the stage, Trump paused to raise his fist and shout at the crowd.
An official spokesperson from Trump’s campaign, Steven Cheung, stated that the former President was “fine” and undergoing medical treatment at a local facility. Cheung added, “President Trump thanks law enforcement and first responders for their quick action during this heinous act.”
Surge in Election Odds
Speculators on the Ethereum-based prediction market Polymarket quickly placed their bets, with Trump’s odds of winning the upcoming election rising from 60% to 68% immediately following the assassination attempt. Conversely, President Joe Biden’s predicted odds of victory fell from 30% to 15% in the same timeframe.
Trump is now the clear favorite on the prediction market, with overall odds of 70% compared to 15% for Biden and 9% for Vice President Kamala Harris.
Trump, once a skeptic of cryptocurrencies, has recently shifted his stance. He criticized Bitcoin as “like a scam” in the past but has since pledged to end the Biden administration’s “war on crypto” if elected President. On June 14, Trump declared his support for the crypto industry, arguing that the US must strive to be a leader in this field.
