A failed assassination attempt on former US President and 2024 presidential nominee Donald Trump has caused Trump-related memecoins to surge in price. Simultaneously, his odds to win this year’s presidential election shot up on the prediction market Polymarket.
MAGA (TRUMP), the largest Trump-related memecoin by market cap, rallied up by 30% immediately after the incident. Its price went from $6.31 to $10.36, taking its market cap up by the hundreds of millions, from $293 million to $469 million. This change in the market cap occurred within 45 minutes of the assassination attempt.
Numerous other memecoins dedicated to Trump also observed spiking values, with Tremp (TREMP), a memecoin on Solana, surging by over 60% within an hour of the horrific event. MAGA Hat (MAGA) rose by over 20% in the same period.
Polymarket’s ‘Presidential Election Winner 2024’ market saw Trump’s odds at winning the election surge to 68% right after the occurrence. His odds were 60% prior. As Trump’s odds rose, Biden’s dropped. They fell from 30% to 15%.
The failed assassination attempt happened on July 13 when Trump was giving a speech at a rally in Butler, Pennsylvania. Several shots were fired at him from outside the event premises. Trump dropped to the ground as the shots came at him actively, and multiple Secret Service agents rushed to offer him cover.
Trump was rushed to a medical facility right after, and his campaign released a statement informing that he was “fine.” The shots fired claimed one victim in the rally venue, with the shooter also being killed by the Secret Service.
In a post on Truth Social, Trump stated, “Most importantly, I want to extend my condolences to the family of the person at the Rally who was killed, and also to the family of another person that was badly injured.” He added, “I was shot with a bullet that pierced the upper part of my right ear.”
