A shocking turn of events unfolded at a rally in Butler, Pennsylvania, where former President Donald Trump was giving a speech. An assassination attempt on Trump had unexpected repercussions on the cryptocurrency market. Trump-themed memecoins’ value dramatically spiked. The largest of these, the Ethereum-based MAGA, saw an immediate price surge of over 30% following the incident. Its value leaped from $6.31 to $10.36, leading to a significant increase in overall market capitalization.
Notably, the shock waves were not just confined to MAGA. Other Trump-associated memecoins also experienced a price rally. The Solana platform’s Tremp surged by over 63% in parallel with the news, whereas the cryptocurrency known as MAGA Hat spiked by 21%.
During the rally, shots were fired from an unknown direction, triggering an emergency response from the US Secret Service. Nevertheless, the former president seemed unfazed, pausing to acknowledge the crowd despite being rapidly escorted off-stage.
Another sector impacted by the ordeal was the prediction markets. On Polymarket, Trump’s probabilities of securing a win for the forthcoming elections escalated from 60% to 68%. In contrast, current President Joe Biden’s odds took a hit, plummeting from 30% to 15%.
Prior to these events, Trump had been skeptical about cryptocurrencies, often referring to Bitcoin as a “scam.” Still, his stance has seemingly shifted over time. More recently, he expressed his intent to end the perceived “war on crypto” led by the Biden administration if he were to be elected president again. He insists that the United States must claim the top spot in the crypto industry, signaling a promising advocacy for digital assets.