• Andrew Left, a prominent short seller, surrendered to authorities in Los Angeles to face federal criminal securities fraud charges.
• Left is accused of manipulating stock prices through misleading public statements and trading contrary to his public positions.
• The Justice Department and SEC allege Left made at least $16 million through these tactics.
• Left targeted stocks popular with retail investors, including GameStop, Nvidia, Tesla, and others.
• Left’s lawyer argues the case is misguided and could have a chilling effect on short sellers sharing research.

Andrew Left, a well-known short seller and founder of Citron Capital, turned himself in to authorities in Los Angeles on Monday.

He faces federal criminal charges for securities fraud. The U.S. Department of Justice and the Securities and Exchange Commission (SEC) have accused Left of manipulating stock prices for personal gain.

Left, 54, is known for publicly criticizing companies he believes are overvalued. He often shares his views on social media and news programs. The government claims Left used this platform to mislead investors and make money illegally.

According to the indictment, Left made public statements about certain stocks that were different from his actual trading actions. For example, he might tell people to sell a stock while he was buying it, or vice versa. The Justice Department says Left made at least $16 million through these tactics.

The case involves several well-known companies. Left reportedly targeted stocks that were popular with small investors, including GameStop, Nvidia, Tesla, Twitter (now X), Meta (formerly Facebook), and others. The government says Left knew his statements could affect stock prices and used this to his advantage.

Left’s lawyer, James Spertus, strongly disagrees with the charges. He told reporters that the case is “misguided” and that Left’s public statements were usually accurate. Spertus argues that Left had no legal duty to disclose his private trading plans to the public.

The case raises questions about freedom of speech in financial markets. Short sellers like Left often publish research criticizing companies they believe are overvalued. This can help keep markets honest by exposing problems. However, the government argues that Left crossed a line by lying about his own trades.

Left stopped sharing his research publicly in 2021 when the government began investigating short sellers. Some think these lawsuits might be meant to discourage other investors from using similar tactics.

The charges against Left include both criminal and civil complaints. If found guilty of the criminal charges, Left could face prison time. The SEC is also suing Left in a separate civil case.

Left’s surrender and court appearance have attracted attention in the financial world. He was scheduled to appear before Judge Rozella A. Oliver in U.S. District Court in Los Angeles. His lawyer expected Left to be released on bail, although prosecutors initially sought a multi-million dollar bond.

This case comes after the “meme stock” craze of 2021, where Left was a key figure. He had publicly criticized GameStop, which angered many small investors who were buying the stock. Left’s firm, Citron Capital, eventually stopped shorting GameStop due to the stock’s unusual behavior.

The outcome of this case could have big effects on how short sellers operate. If Left is found guilty, it might make other investors more cautious about sharing negative research on companies. This could change how information flows in the stock market.

The post Short Seller Andrew Left: Faces Federal Fraud Charges in $16 Million Stock Manipulation Scheme appeared first on Blockonomi.

• Dogwifhat (WIF) has shown mixed performance recently, with a 5% drop over the last week but a 22% gain over the past month.
• Analysts are predicting potential growth for WIF, with some suggesting it could reach $3.3 or even higher.
• WIF has reclaimed key support levels and shown bullish indicators on its daily chart.
• The cryptocurrency currently has a market cap of around $2.5 billion and is priced at approximately $2.50-$2.54.
• Despite optimistic predictions, the market sentiment remains cautious, with the Fear & Greed Index showing a “Greed” reading.

Dogwifhat (WIF), a popular meme-inspired cryptocurrency, is attracting increased attention from investors and analysts alike as it shows signs of potential growth.

Despite experiencing a slight dip of about 5% over the past week, WIF has demonstrated resilience with a 22% rally over the last month, sparking optimism about its future trajectory.

Currently priced at around $2.54, Dogwifhat boasts a market capitalization of approximately $2.5 billion, representing a 0.10% share of the total cryptocurrency market. The token’s 24-hour trading volume stands at an impressive $969.52 million, indicating significant investor interest and activity.

Crypto analyst Crypto Scient has highlighted several positive indicators for WIF’s potential price movement.

According to their analysis, Dogwifhat has successfully reclaimed and flipped a key 1-day support and resistance level at $2.25, establishing it as a new support zone. This development, coupled with bullish shifts in the 50-day and 100-day exponential moving averages (EMAs), has strengthened the case for an upward trend.

$WIF, Starting to look good again as the daily structure has flipped bullish again.

• Reclaimed and flipped key 1D S/R at $2.25 to support
• Flipped 1D 50 and 100EMA Bullish.

Up next is key 1D resistance at $3.3 — Price makes an attempt to test this level over the next few… https://t.co/7RtYCcPCtu pic.twitter.com/OA3PbVAcsN

— Scient (@Crypto_Scient) July 27, 2024

The next significant milestone for WIF appears to be the $3.30 resistance level. Analysts suggest that if Dogwifhat can break through this barrier in the coming days or weeks, it could pave the way for substantial upward movement and potentially new all-time highs. However, investors are advised to exercise caution and implement proper risk management strategies, particularly around the $3.30 level.

Some projections are even more optimistic. CoinCodex’s current price estimate suggests that Dogwifhat could potentially climb as high as $8.36 by August 28, 2024, representing a staggering 220% increase from its current price. However, it’s crucial to note that such predictions should be taken with a grain of salt, given the inherent volatility of the cryptocurrency market.

Indeed, despite the positive outlook, the overall market sentiment surrounding WIF remains somewhat cautious. The Fear & Greed Index, a popular measure of market sentiment, currently stands at 74, indicating “Greed.” This reading suggests that the market might be overheated and potentially due for a correction.

Adding to the complexity of WIF’s market position, the token has experienced 17 green days out of the last 30, with a price volatility of 17%. These statistics underscore both the potential for growth and the inherent risks associated with investing in cryptocurrencies.

For traders considering entering a position in WIF, Crypto Scient recommends placing bids between $2.37 and $2.26, with a stop loss at $2.159. The analyst suggests a potential target of $3.3, aligning with the previously mentioned resistance level.

The post Dogwifhat (WIF) Price Breakout Soon? Trading Volume Surges Amid Bullish Price Prediction appeared first on Blockonomi.

• Celebrity meme coins launched on the Solana blockchain have seen significant value drops since their June debut.
• On average, these celebrity tokens have declined by 94% from their all-time highs.
• Some celebrities have stopped promoting their coins on social media, raising questions about authenticity.
• The platform Pump.fun has made it easy to create and launch tokens on Solana, contributing to the surge in new token launches.
• While most tokens have declined sharply, some communities, like MOTHER, defend their coins and the celebrities behind them.

The cryptocurrency world has seen a surge of celebrity-endorsed meme coins on the Solana blockchain. These tokens, often named after or associated with famous personalities, initially generated significant buzz and sky-high valuations.

However, as the summer progresses, many of these coins have experienced dramatic drops in value, leaving investors and observers questioning their long-term viability.

The trend began in late May and early June when several high-profile celebrities launched their own tokens.

Names like Caitlyn Jenner, Andrew Tate, Iggy Azalea, and Jason Derulo joined the crypto frenzy, with their associated coins seeing initial price spikes.

For instance, Jenner’s JENNER token reportedly surged by 51,000% to its all-time high, while Azalea’s MOTHER token increased by 5,552%.

However, the excitement was short-lived for most of these tokens. According to recent reports, the average decline across 30 celebrity meme coins is about 94% from their peak values.

Some have fared even worse, with more than two-thirds of the listed tokens dropping by over 90%. Even the best-performing coins in this category, such as Andrew Tate’s DADDY and Iggy Azalea’s MOTHER, have seen declines of 73.2% and 78.7% respectively.

The rapid creation and launch of these tokens were facilitated by platforms like Pump.fun, which allows users to generate Solana-based tokens with minimal effort.

This ease of creation contributed to a flood of new tokens, with nearly half a million launched on Solana in May alone.

As values have plummeted, many celebrities have stepped back from promoting their coins on social media. This retreat has raised questions about the authenticity of their involvement and whether these tokens were genuine projects or quick cash grabs.

Only about 40% of the celebrities associated with these coins have tweeted about their tokens in the past week.

Despite the overall downward trend, some communities remain supportive of their chosen tokens. The MOTHER community, in particular, has defended the coin and Iggy Azalea’s involvement.

Supporters argue that Azalea has been actively communicating with token holders and hasn’t sold her tokens, setting a positive example for celebrity involvement in cryptocurrency projects.

The celebrity meme coin phenomenon has also attracted unwanted attention from scammers. Several high-profile social media accounts, including those of Sydney Sweeney, Metallica, and Doja Cat, were hacked to promote pump-and-dump schemes disguised as celebrity-endorsed tokens.

While the current state of celebrity meme coins on Solana appears bleak, with most tokens’ market capitalizations falling below $1 million, the situation highlights the volatile nature of cryptocurrency trends.

It also underscores the significant influence celebrities can have on crypto markets, capable of driving substantial interest and investment through their endorsements.

The post Celebrity Meme Coins on Solana See 94% Average Decline appeared first on Blockonomi.

• PEPE coin’s price is currently experiencing fluctuations, with recent dips and potential for future rallies.
• The approval of Spot Ethereum ETFs is expected to positively impact PEPE and other meme coins.
• Technical analysis suggests PEPE may be preparing for a bullish move after consolidating above key support levels.
• On-chain data shows a bullish sentiment among PEPE investors, with a Long-to-Short ratio of 1.66.
• External factors like Federal Reserve interest rate decisions may influence PEPE’s price movement.

PEPE, the popular meme cryptocurrency, is currently at a crossroads. As of July 24, 2024, the coin’s price stands at approximately $0.00001181, reflecting recent market fluctuations.

While PEPE experienced a 2.9% dip amidst a significant $900 million trading volume, analysts and investors are closely watching several factors that could influence its future price movement.

One of the most notable developments in the crypto world is the recent approval of Spot Ethereum ETFs in the United States. This milestone is expected to reshape institutional interest in Ethereum, the world’s largest altcoin, and potentially affect the market values of meme coins like PEPE.

Drawing parallels from the impact of Spot Bitcoin ETFs, which saw daily net inflows of about $125 million in their first 30 days, many predict a similar boost for Ethereum-related assets.

PEPE’s high correlation with Ethereum makes it a potential beneficiary of this development. Historical data shows that PEPE surged by 86.56% in just 7 days following the approval of Spot Bitcoin ETFs, suggesting a similar pattern could emerge with Ethereum ETFs.

Technical analysis of PEPE’s price chart reveals interesting patterns. The coin recently broke out of a bullish flag pattern and is now consolidating above a key support level of $0.0000015.

This consolidation phase often precedes a significant price movement, hinting at a potential bullish continuation. The price has also broken out of a descending channel pattern, which some analysts interpret as a change in market structure from bearish to bullish.

On-chain data provides further insights into PEPE’s market dynamics. The Long-to-Short ratio currently stands at 1.66, indicating a bullish sentiment among investors.

This means approximately 1.66 times as many long positions are open as short positions, suggesting more traders are betting on the coin’s price increasing.

However, it’s worth noting that the number of large transactions involving PEPE has decreased recently, with a 27.93% drop in the last 24 hours alone. While this could be interpreted in various ways, some analysts suggest it might precede significant price movement.

External factors are also at play in PEPE’s price dynamics. The cryptocurrency market is anticipating potential Federal Reserve interest rate cuts, with reductions in borrowing costs expected as early as September.

Such moves could boost overall crypto sentiment and potentially benefit meme coins like PEPE.

Despite these potentially positive factors, PEPE faces challenges. The coin’s price has dipped below its 50-day Exponential Moving Average, suggesting a bearish trend in the short term.

Key support levels to watch are $0.00001167, $0.00001122, and $0.00001081, while resistance levels are set at $0.00001220, $0.00001251, and $0.00001298.

The post Ethereum ETF Approval’s Potential Impact on PEPE Coin appeared first on Blockonomi.

• Hamster Kombat is a popular play-to-earn game on Telegram with over 250 million players globally.
• Russian politician Anatoly Aksakov calls it a “scam” and wants it stopped in Russia.
• The game uses TON blockchain and plans to convert in-game coins to HMSTR tokens.
• Hamster Kombat’s founders aim to reach 1 billion users and promote financial literacy.
• The game has led to increased sales of muscle massage guns used for tapping screens.

Hamster Kombat, a play-to-earn game hosted on Telegram, has quickly become one of the most popular blockchain-based games since its launch in early 2024. With over 250 million players worldwide, the game has gained attention from both enthusiasts and critics.

In Hamster Kombat, players take on the role of a hamster CEO managing a virtual cryptocurrency exchange.

The game uses a simple tapping mechanic, where players earn virtual coins by tapping on their digital hamster, completing daily tasks, and participating in special events. These coins can be used to upgrade the virtual exchange and increase earning potential.

The game runs on The Open Network (TON) blockchain, which was developed by Telegram. Players’ in-game coins are expected to become convertible to HMSTR tokens, a new cryptocurrency set to launch in the third quarter of 2024. This integration of real-world value has contributed to the game’s popularity.

However, not everyone is happy about Hamster Kombat’s success. Anatoly Aksakov, Chairman of the Russian State Duma Committee on the Financial Market, has labeled the game a “scam” and called for its termination in Russia. Aksakov argues that the game manipulates people’s psychology, making them believe they can become wealthy with minimal effort.

“Such things must be stopped,” Aksakov stated in an interview with local media. “In my opinion, this is clearly a scam. Manipulation and use of the psychology of citizens. Especially those who do not really want to work, but dream that they can play with a minimum of effort and get rich.”

Despite this criticism, Hamster Kombat continues to grow in popularity. The game has had unexpected effects on consumer behavior, with Russian retailers reporting a nearly threefold increase in sales of muscle massage guns from May to June. Players use these devices to tap their mobile screens more efficiently.

The anonymous team behind Hamster Kombat has ambitious goals for the project. They revealed their aim to reach 1 billion users globally. The team describes Hamster Kombat as an “edutainment project” designed for mass adoption, with a focus on teaching users about blockchain and Web3 technologies.

“We are an edutainment project created with the goal of mass adoption. Our mission is to reach 1 billion people worldwide who will be a part of this whole project and will be learning about the blockchain and web3 worlds,”

the team stated. They also emphasized their interest in promoting financial literacy and universal basic income.

The founders plan to keep the game running for a long time, with a second airdrop planned for the next two years. They also stressed their efforts to maintain the integrity of the project by removing bot accounts, following the example of similar games like Notcoin.

Hamster Kombat’s popularity extends beyond Russia, with significant adoption in countries like Nigeria and Iran. However, its rapid growth and potential impact have raised concerns. In Iran, the game is viewed as a “soft war” instrument, reflecting broader geopolitical implications.

As Hamster Kombat continues to grow, it faces both opportunities and challenges. While its founders aim to educate users about blockchain technology and finance, critics worry about its potential for manipulation and addiction. The game’s future success may depend on how it balances these concerns with its ambitious goals for growth and education in the crypto space.

The post Is Hamster Kombat a Scam? Russia Calls for Ban as Founders aim For 1 Billion Users appeared first on Blockonomi.

• Banana Gun (BANANA) cryptocurrency price surged over 50% after a Binance listing announcement.
• BANANA is a token for a Telegram trading bot that supports multiple blockchain networks.
• The price reached an all-time high of $87.03 but quickly corrected to around $70.
• Technical indicators suggest the rally may be unsustainable due to lack of significant inflows.
• Banana Gun uses soul-bound NFTs and a phased development approach to engage its community.

Banana Gun (BANANA), a cryptocurrency associated with a Telegram trading bot, has experienced a significant price surge of over 50% in the past 24 hours. This dramatic increase followed an announcement by Binance, the world’s largest cryptocurrency exchange, that it would list the token and launch an airdrop on its platform.

The BANANA token, which supports trading on Ethereum, Solana, Base, and Blast networks, saw its price reach an all-time high of $87.03. However, the price quickly corrected, settling around the $70 mark. This volatility has caught the attention of both traders and analysts in the cryptocurrency community.

Launched in early 2023, Banana Gun distinguishes itself with a unique approach to development and community engagement. The project uses a “now/next/later” roadmap to outline its plans for future enhancements and expansions. This structure not only demonstrates a commitment to growth but also encourages community participation in suggesting new features.

One of Banana Gun’s innovative features is its use of soul-bound NFTs. During a three-week campaign, users could complete various tasks to earn these NFTs, which then determined eligibility for whitelisted spots in the project. This approach aimed to reward dedicated community members and filter out those merely seeking quick profits.

Despite the recent price surge, some analysts urge caution. Technical indicators, such as the Relative Strength Index (RSI), suggest that BANANA may be overbought. The Chaikin Money Flow (CMF) indicator shows a lack of significant inflows, which could indicate that the price increase is driven more by speculation than by sustained investor interest.

Jordan Avery, a market analyst, commented on the situation:

“While the Binance listing is certainly a positive development for Banana Gun, the lack of substantial inflows and the quick price correction suggest that this rally may not be sustainable in the short term.”

The Binance airdrop, which will distribute a total of 800 BANANA tokens to eligible users, has undoubtedly contributed to the increased interest in the cryptocurrency.

The post From Bot to Binance: Banana Gun’s (BANANA) Price Explosion appeared first on Blockonomi.

• Hamster Kombat, a viral Telegram game, released a card referencing Trump’s recent failed assassination attempt
• The game claims to have over 250 million players in just 3 months
• Hamster Kombat plans to launch a crypto token called HMSTR on The Open Network (TON)
• HMSTR token has been listed on CoinMarketCap and will be available on some exchanges
• Trump and the Republican party have been increasingly embracing cryptocurrency

Hamster Kombat, a popular tap-to-earn game on Telegram, has been making waves in both the gaming and crypto worlds. The game, which lets players manage a virtual crypto exchange as a hamster CEO, claims to have amassed over 250 million players in just three months.

Hamster Kombat made headlines by releasing a new special card that references the recent failed assassination attempt on former President Donald Trump.

The card, titled “Fight fight fight,” recreates the iconic photo of a bloodied Trump raising his fist defiantly after the incident. In the game’s version, smiling cartoon hamsters replace the human figures, with the card’s description reading, “You are a strong manager and nothing can stop you.”

This isn’t the first time Hamster Kombat has incorporated real-world events into its gameplay. The game has previously featured cards inspired by the Euro 2024 soccer tournament and crypto conferences. This approach seems to be part of its strategy to stay relevant and engage its massive player base.

Hamster Kombat is set to make a significant move in the cryptocurrency space. The game plans to launch its own crypto token, HMSTR, on The Open Network (TON). This launch is expected to happen sometime this month, with players able to claim tokens through an airdrop process.

In preparation for this launch, HMSTR has already been listed on CoinMarketCap, a major cryptocurrency price-tracking platform.

This listing is seen as a significant milestone for the game. While the full list of exchanges that will offer HMSTR is not yet known, India’s CoinDCX has been confirmed as one of the platforms that will list the token.

The game’s developers have outlined plans for the future, including new features like Squad Kombat, new characters and skins, and various events scheduled for Q3 and Q4 of 2024. These updates are aimed at maintaining player interest and potentially growing the game’s already massive user base.

The rise of Hamster Kombat and its upcoming token launch coincides with a growing embrace of cryptocurrency in U.S. politics. Former President Trump, who was previously skeptical of crypto, has recently shown support for it. His campaign now accepts crypto donations, and the Republican party has included crypto-friendly policies in its draft platform.

This shift in attitude towards cryptocurrency isn’t limited to politics. The article mentions that U.S. administrative authorities, including the SEC, have recently closed investigations into some crypto-related companies without taking action. This could signal a more favorable regulatory environment for crypto in the U.S.

Hamster Kombat’s success and its move into the crypto space highlight the growing intersection of gaming, social media, and cryptocurrency. The game’s ability to quickly incorporate current events into its gameplay, combined with the promise of a crypto token, seems to be a winning formula for attracting and retaining players.

The post Hamster Kombat : From Viral Game to Crypto Token Launch (HMSTR) appeared first on Blockonomi.

• Meme coins have seen significant gains recently, with some rising over 20% in 24 hours.
• This surge follows a failed assassination attempt on Donald Trump over the weekend.
• The meme coin sector overall rose by about 12%, outperforming major cryptocurrencies.
• Pepe (PEPE) and Dogwifhat (WIF) were among the top performers.
• New politically-themed meme coins like America Coin (USA) have emerged and gained value.

The cryptocurrency market has seen a shift this week, with meme coins experiencing a significant surge in value. This trend comes in the wake of a failed assassination attempt on former U.S. President Donald Trump at a rally in Pennsylvania over the weekend.

Meme coins have outperformed major cryptocurrencies like Bitcoin and Ethereum. The meme coin sector as a whole rose by about 12% on Tuesday.

Among the top performers were Pepe (PEPE) and Dogwifhat (WIF), which saw gains of 22% and 25% respectively in a 24-hour period. Pepe, an Ethereum-based token, reached a price of $0.00001256, while Dogwifhat, a Solana-based coin, hit $2.24.

Other meme coins also saw significant gains. Popcat, another Solana-based token, jumped nearly 18% in 24 hours, reaching $0.8995. Even Dogecoin, the original meme coin and tenth largest cryptocurrency by market cap, rose by about 5%, outpacing both Bitcoin and Ethereum.

The surge in meme coin prices comes as Bitcoin broke above $65,000 per coin for the first time in nearly a month, though it has since settled around $64,359. This represents a more modest gain of about 1% over 24 hours.

Interestingly, the meme coin rally has also seen the emergence of new, politically-themed tokens.

Following the incident involving Trump, coins such as America Coin (USA) and Super Trump (STRUMP) have appeared on the market. These tokens have seen explosive growth, with America Coin up by 204% and Super Trump rising 43% since the event.

Analysts suggest that this surge in meme coins may be due to traders taking profits from larger, more established cryptocurrencies and diversifying into more speculative assets. Meme coins have historically performed well during periods when major cryptocurrencies like Bitcoin and Ethereum are trading in a range near local highs.

The current meme coin trend aligns with findings from CoinGecko’s Q2 2024 Crypto Industry Report, which highlighted meme coins as the most popular narrative in the crypto market for the second consecutive quarter.

The report noted that 4 out of the top 15 most popular narratives were memecoin-related, with Solana and Base memecoins registering significant market share.

The post Meme Coins Are Flying This Week Following Trump Shooting: PEPE, WIF, POPCAT & DOGE appeared first on Blockonomi.

• Pepe (PEPE) saw a significant increase in trading volume, up 62% in 24 hours
• PEPE’s price rose by 5.61% to $0.000009454, with its market cap reaching $3.98 billion
• Venture Capital firm Nascent bought 141 billion PEPE tokens worth $1.57 million
• Other meme coins like WIF, FLOKI, and MOG also posted double-digit gains
• The overall meme coin sector is up more than 12% following the market recovery

The meme coin market is experiencing a significant resurgence, with Pepe (PEPE) leading the charge. PEPE saw its 24-hour trading volume skyrocket by 62%, reaching $846.23 million.

This surge in activity has been accompanied by a price increase of 5.61%, bringing PEPE to $0.000009454 as of the latest data.

PEPE’s market capitalization has also seen a substantial boost, rising 5.59% to $3.98 billion. This growth has solidified PEPE’s position as the 25th largest cryptocurrency by market cap.

Technical indicators suggest a bullish trend for PEPE. The token is trading above its 200-day Simple Moving Average (SMA), which typically indicates a positive long-term outlook. Additionally, PEPE’s Relative Strength Index (RSI) stands at 44.9, within the 40-50 range that often serves as a support zone in bull markets.

A significant development driving PEPE’s momentum is the large-scale acquisition by Venture Capital firm Nascent. The firm swapped 1,215 MKR tokens (worth $3.41 million) for 141.23 billion PEPE tokens (valued at $1.57 million) and 281,000 LDO tokens (worth $503,000). This move brings Nascent’s total PEPE holdings to 608.85 billion tokens, worth approximately $7.49 million.

Other meme coins are also experiencing substantial gains. dogwifhat (WIF) and FLOKI both saw increases of over 20% in the past 24 hours, with their weekly gains reaching 24% and 27% respectively. MOG, another meme coin, rallied over 20% to reach a new all-time high, driven in part by increased whale activity.

These individual token performances have contributed to an overall uplift in the meme coin sector, which has risen nearly 13% in the past 24 hours. This resurgence comes as a welcome change for investors following the recent market-wide correction that saw many cryptocurrencies, including meme coins, struggle with declining prices.

The derivatives market for PEPE also shows signs of increased investor interest. PEPE’s futures open interest surged 23.19% to $144.78 million, while derivatives volume skyrocketed 178.66% to $3.24 billion. These figures suggest growing speculative interest in PEPE’s future price movements.

The post Pepe Coin (PEPE) Leads Meme Token Surge with 20% Price Rise With WIF, FLOKI & MOG appeared first on Blockonomi.

• Meme coins related to Donald Trump saw significant price increases following an assassination attempt on the former president.
• A crypto trader made an $8 million profit from the MAGA (TRUMP) meme coin surge.
• Trump’s NFT trading cards reached new all-time high prices after the incident.
• Bitcoin’s price also increased, rising above $60,000.
• Trump’s chances of winning the 2024 election increased according to prediction markets.

The cryptocurrency markets saw significant movement over the weekend following an assassination attempt on former U.S. President Donald Trump. Several meme coins and NFTs associated with Trump experienced price surges, while Bitcoin also saw gains.

On Saturday, July 13, Trump was shot at during a campaign rally in Butler, Pennsylvania.

The bullet reportedly pierced the upper part of his right ear. Secret Service agents quickly moved Trump off stage to a nearby medical facility. Despite the attack, Trump managed to give a defiant fist pump to the crowd before leaving.

In the hours following the incident, several Trump-themed cryptocurrencies saw their prices increase dramatically. The MAGA (TRUMP) token rose to nearly $8 per coin, up from around $0.50 in late 2023.

Other meme coins like Super Trump (STRUMP) and MAGA Hat also experienced double-digit percentage gains.

One crypto trader appears to have made a substantial profit from the MAGA token’s price surge.

Blockchain data shows a wallet suspected to belong to a well-known trader deposited 1.08 million MAGA coins worth approximately $8.85 million into an exchange. The trader had originally purchased the tokens for around $0.50 each, potentially netting a profit of over $8 million.

A wallet suspected to be #GCR(@GiganticRebirth) deposited all 1.08M $TRUMP($8.85M) into #BTSEExchange 7 hours ago, making a profit of ~$8.3M.

This wallet spent 540,700 $USDT to buy 1.08M $TRUMP at an average price of $0.5 from Nov 22 to Dec 4, 2023.

Address:… pic.twitter.com/95ZoPsl9ca

— Lookonchain (@lookonchain) July 15, 2024

Trump’s officially-released NFT trading cards also saw increased interest. The floor price for the original Trump Digital Trading Cards on the Polygon blockchain reached an all-time high of 933 MATIC (about $502) before settling around 762 MATIC ($410). This represents nearly a doubling in price from just days earlier. A second series of Trump NFTs also rose about 20% in value.

The broader cryptocurrency market was affected as well. Bitcoin’s price increased from around $59,000 to over $60,000 in the wake of the incident. Some analysts attribute this to Trump’s recent pro-crypto comments and the perception that news favorable to Trump could benefit the crypto industry.

Prediction markets also reacted to the events. Data from Polymarket shows Trump’s chances of winning the November 2024 election rose from 60% to 71% in the two days following the assassination attempt. This 18.33% increase suggests many believe the incident may boost Trump’s electoral prospects.

Trump’s team has since confirmed he is recovering well. Bitcoin Magazine CEO David Bailey shared that Trump still plans to attend and speak at the Bitcoin Conference 2024 in Nashville.

During his presidency, he was openly critical of Bitcoin and other digital currencies. More recently, he has made more favorable comments about crypto and his campaign began accepting cryptocurrency donations in May 2024.

The post Trump Survives Assassination Attempt: Trump MAGA Coins & NFT Prices Soar appeared first on Blockonomi.