The price of MAGA (TRUMP), the giant Donald Trump-themed digital coin, jumped over 30% after someone tried to kill the former U.S. president at a rally. The attack happened on July 13 in Butler, Pennsylvania.
MAGA, which runs on the Ethereum network, quickly shot up from $6.31 to $10.36 after the incident. DexScreener said its total value grew from $293 million to $469 million in less than an hour.
Source: DexScreener
Other Trump-related digital coins also saw price increases. Tremp (TREMP), based on the Solana network, rose 63% in an hour. Another coin, MAGA Hat (MAGA), briefly rose 21%.
The attack occurred while Trump was speaking on stage. Shots came from an unknown direction. Trump grabbed his ear when he heard them and dropped to the ground. Secret Service agents rushed to protect him.
As his security team led him off stage, Trump asked them to pause. He raised his fist and shouted to the crowd before leaving.
Trump’s spokesman, Steven Cheung, told the Associated Press that Trump was “fine” and getting medical care at a nearby facility. Cheung said, “President Trump thanks law enforcement and first responders for acting quickly during this terrible event. We’ll share more details soon.”
Trump Leads on Polymarket, Crypto Market Reacts
On Polymarket, an Ethereum-based prediction website, people quickly placed bets on the election outcome. After the attack, Trump’s chances to win the next election jumped from 60% to 68%. At the same time, President Joe Biden’s odds to win again fell from 30% to 15%.
Source: Polymarket
Trump is now the clear favorite on Polymarket. He has 70% odds to win, compared to 15% for Biden and 9% for Vice President Kamala Harris.
Trump used to be against cryptocurrencies, often saying Bitcoin was “like a scam.” But he’s changed his mind recently. On June 14, Trump said he’d stop the Biden administration’s “war on crypto” if elected president. On May 26, he criticized Biden’s tough stance on crypto. Trump argued that the U.S. must lead the crypto industry.
The sudden price jump of Trump-related digital coins shows how quickly the crypto market can react to real-world events. It also highlights the growing connection between politics and the world of digital currencies. As the 2024 election approaches, we might see more examples of how political events affect the crypto market.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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