Donald Trump memecoin spikes 52% following assassination attempt

The price of the largest Donald Trump memecoin, MAGA (TRUMP), surged more than 30% following an assassination attempt on the former United States president while he was speaking on stage at a rally in Butler, Pennsylvania.

The Ethereum-based MAGA memecoin spiked rapidly from a price of $6.31 to $10.36 immediately after the assassination attempt, seeing its total market capitalization jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data.

The price of several other Trump-themed memecoins also rallied on the news.

Solana-based memecoin Tremp (TREMP) jumped more than 63% in the hour following the news, while another memecoin dubbed MAGA Hat (MAGA) briefly spiked 21% within the same timeframe.

Trump was speaking on stage at a July 13 rally in Butler, Pennsylvania, when several shots were fired from an unknown direction.

Trump clutched his ear as the shots sounded, dropping to the ground as US Secret Service agents rushed to protect him.

An official spokesperson from Trump’s campaign told the Associated Press that the former president was “fine” following the incident and was undergoing medical treatment at a local facility.

“President Trump thanks law enforcement and first responders for their quick action during this heinous act,” spokesman Steven Cheung said in a statement. “He is fine and is being checked out at a local medical facility. More details will follow.”

Trump’s election odds soar on Polymarket

Speculators on the Ethereum-based prediction market Polymarket were quick to place their bets as well, with Trump’s odds of clinching a victory in the upcoming election jumping from 60% to 68% immediately after the assassination attempt, according to Polymarket data.

Meanwhile, President Joe Biden’s predicted odds of winning reelection fell from 30% to 15%.

Trump now stands as the clear favorite on the prediction market, with overall odds of 70% compared to just 15% for Biden and 9% for Vice President Kamala Harris.

Trump, formerly a skeptic of cryptocurrencies, said on several occasions that Bitcoin was “like a scam.” However, he has changed his tune on Bitcoin and other digital assets in recent months.

On June 14, Trump declared he would bring an end to the Biden administration’s “war on crypto” if elected president.

This was not the first time Trump had criticized Biden for his harsh stance on crypto while on the campaign trail. On May 26, he took aim at Biden, arguing that the US must not settle for anything but the top place in the crypto industry.