TLDR
- 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.
