Trump Assassination Attempt Sparks Memecoin Market Surge

The cryptocurrency world saw a major spike in some of the most popular Donald Trump-themed memecoins. This follows a dramatic assassination attempt on the former U.S. president. The incident happened on July 13 during a rally in Butler, Pennsylvania, and it shocked the crypto and political communities alike.

What Happened?

As Trump was giving a speech, gunfire broke out from an unidentified location. The former president fell to the ground, clutching his ear while Secret Service operatives sprang into action to keep him safe. The presidential contender was escorted from the platform by his security detail after pausing momentarily in the middle of the commotion to raise his fist and shout toward the crowd.

Later, a campaign official for Trump told the media that the former president was “fine” and getting medical care at a local facility. 

Effects on Memecoins

The news of the assassination attempt had an immediate impact on Trump-themed memecoins. The MAGA (TRUMP) memecoin surged over 30%, capturing the attention of investors and speculators alike. The Solana-based Donald Tremp (TREMP) saw an even more dramatic rise, jumping more than 63% within an hour of the incident. Meanwhile, another memecoin, Trump’s Hat (MAGA), experienced a 21% spike.

According to data from CoinMarketCap, the Ethereum-based MAGA memecoin skyrocketed from $6.31 to $10.36, pushing its market capitalization to $400 million in less than 45 minutes.

Bitcoin, the largest cryptocurrency, experienced a 2.6% increase in the last 24 hours, reaching a 10-day high of $60,100.

Election Odds on Polymarket

The incident had political ramifications as well. Speculators on the Ethereum-based prediction market Polymarket quickly adjusted their bets. Trump’s odds of winning the upcoming election soared from 60% to 68% immediately following the assassination attempt, according to Polymarket data. Conversely, President Joe Biden’s chances of reelection dropped from 30% to 15%.

Currently, Trump is the clear favorite on Polymarket, with overall odds of 70%, compared to 15% for Biden and 9% for Vice President Kamala Harris.

It’s interesting to note that Trump, who was formerly a strong opponent of cryptocurrencies, has changed his mind in recent months. He used to refer to Bitcoin as “like a scam,” but he has now more publicly welcomed digital assets. On June 14, he promised to end the Biden administration’s “war on crypto” if elected president.