Memecoin supporting Donald Trump surges 52% after the attempted assassination

Prediction markets for Trump’s election odds surged, and so did the value of numerous other memecoins with his image. This was in response to an attempt on the former president’s life during a rally in Butler, Pennsylvania.

The largest Donald Trump memecoin, MAGA (TRUMP), saw a price increase of over 30% in the wake of an attempted assassination of the former US president during a speech at a rally in Butler, Pennsylvania.

According to DexScreener statistics, the Ethereum-based MAGA memecoin saw a sharp increase in price from $6.31 to $10.36 just after the murder attempt. In less than 45 minutes, its total market capitalization increased from $293 million to $469 million.

On the news, the value of numerous other memecoins with Trump themes increased as well.

In the hour that followed the news, the Solana-based memecoin Tremp (TREMP) surged by almost 63%, while MAGA Hat (MAGA), another memecoin, saw a brief increase of 21% over the same period.

The Whole Story

At a rally in Butler, Pennsylvania, on July 13, Trump was speaking when multiple rounds from an unidentified direction were fired. The US Secret Service hurried to protect Trump as he dropped to the ground, clutching his ear as the gunfire rang out. Trump urged them to stop as his security detail escorted him off the platform, raising his fist and yelling at the audience.

Following the incident, the former president was “fine,” according to a representative from Trump’s team, and was receiving medical attention at a nearby facility.

Spokesman Steven Cheung released a statement saying, “President Trump thanks law enforcement and first responders for their quick action during this heinous act.” He is being examined at a nearby medical center and is doing well. There will be more information to come.

Trump’s election odds soar on Polymarket

Following the assassination attempt, traders on the Ethereum-based prediction market Polymarket were quick to jump on the bandwagon, with Trump’s odds of winning the upcoming election rising from 60% to 68%, per Polymarket data.

In the meantime, reelection odds for President Joe Biden dropped from 30% to 15%. With overall odds of 70%, Trump is now the clear favorite in the prediction market, while Biden’s and Vice President Kamala Harris’s odds are only 15% and 9%, respectively.

Former cryptocurrency skeptic Trump has stated multiple times that Bitcoin is “like a scam.” But in recent months, he has had a change of heart about Bitcoin BTC $63,169 and other digital assets. On June 14, Trump said that if elected president, he would cease the “war on crypto” started by the Biden administration.

Trump had previously attacked Biden for taking a tough stance on cryptocurrencies during the campaign. He attacked Biden on May 26 by saying that the US should aim for the top spot in the cryptocurrency market.