MAGA Coin (TRUMP), a memecoin inspired by Donald Trump, the 45th president of the United States and a front-runner in the upcoming November presidential elections, experienced a sharp surge of 46.9% in its price after an assassination attempt during one of his rallies in Pennsylvania.
The price of MAGA Coin rose from $6.31 to $10.36 immediately after the incident, leading to its market capitalization increasing from $293 million to $469 million within just 45 minutes. As of the latest data from CoinGecko, the price of MAGA Coin currently stands at $9.30, reflecting a significant 46.9% increase in the past 24 hours.
MAGA Coin (TRUMP) is the largest among Trump-themed memecoins in terms of price and market capitalization. Other memecoins inspired by Donald Trump also saw notable price surges following the assassination attempt. For instance, Tremp (TREMP), a Solana-based memecoin, witnessed a 63% surge in its price immediately after the incident. Similarly, Maga Hat (MAGA) briefly spiked by 21% in response to the news.
The Assassination Attempt
The attempted assassination occurred as Donald Trump was addressing a rally in a Pennsylvania suburb. Video footage captured the moment when shots were heard, causing Trump to drop to the ground and clutch his ears. Prompt action by Secret Service agents ensured his safety, and he was quickly transported to a local medical facility, where he was confirmed to be fine by his campaign spokesman, Steven Cheung.
President Trump expressed gratitude to law enforcement and first responders for their swift response, and he is currently under medical observation as a precaution.
Impact on Political Odds and Endorsements
Following the incident, Donald Trump’s odds of winning the November presidential elections surged on Polymarket, an Ethereum-based prediction market, rising from 60% to 68%. In contrast, Joe Biden’s odds dropped from 30% to 15% during the same period, making Trump the clear favourite with overall odds now at 70%.
Elon Musk, owner of X, publicly endorsed Donald Trump after the incident, wishing him a speedy recovery. Trump is viewed favourably by the cryptocurrency community due to his perceived support for cryptocurrencies, a stance that has evolved from previous scepticism.
