Trump Memecoin MAGA Surges 52% After Assassination Attempt

• The odds of Donald Trump winning the 2024 presidential elections have surged to around 71% following the failed assassination attempt over the weekend.
• The price of MAGA memecoin almost doubled following Trump’s assassination attempts, signaling further support from the crypto community.

Following the failed assassination of former US president Donald Trump over the weekend, MAGA (TRUMP), a top-tier memecoin focused on the politiFi space, nearly doubled. Although the initial crypto price has substantially declined, MAGA price is still up more than 31 percent in the past seven days to trade at $7.76.

The small-cap meme coin based on Ethereum, Solana, and BNB ecosystems, has more than 31k holders and a locked liquidity of nearly $10 million. Following the recent spike, MAGA has a fully diluted valuation of about $360 million and a daily average traded volume of around $21 million.

What Next for MAGA Price Action

Although the MAGA memecoin has gained popularity through Trump’s re-election bid, it is not associated with or endorsed by the Trump organization. The memecoin project has focused on helping veterans and child rescue through donations.

As of this writing, the MAGA meme coin has donated about 293 ETH to US veterans and around 257 ETH to child trafficking prevention. 

With the rising popularity of Trump and the meme coin industry, MAGA’s price could significantly benefit in the coming months and possibly outshine top-tier memes. 

Trump Gunners More Support from Crypto Community

Having endorsed the crypto industry fully, the former president has received overwhelming support from the web3 community. Already, the Republican presidential candidate has been endorsed by top crypto leaders led by Tron’s Justin Sun, and Dogecoin’s godfather Elon Musk in the past few days.

As we previously reported, the Fairshake PAC, which supports candidates committed to securing the United States as the home to web3 space, has raised more than $150 million in the past few months. Top web3 firms led by Ripple Labs, Coinbase Global, and Gemini have all pledged their support for Trump in his re-election bid later this year. 

Meanwhile, the Bitcoin Conference 2024, which is scheduled to happen later this month in Nashville, announced on Monday that Trump is still committed to delivering an in-person person speech. The organizers of the Bitcoin Conference 2024 announced that they are working closely with the respective security teams to ensure no reoccurrence of the weekend’s event. 

We are happy to report that Donald Trump is committed to delivering his speech in-person at Bitcoin 2024. We are proud to host him and to share the solidarity of the global Bitcoin community and our universal commitment to free speech and peaceful democracy.

— The Bitcoin Conference (@TheBitcoinConf) July 14, 2024

Winning Votes

There are more than 50 million Americans, eligible to vote in the upcoming general election, who are invested in the crypto market. While the crypto-related votes were previously perceived as swing votes, most analysts believe that the group will be the decision-maker in this year’s election.

According to market data from Polymarket, the odds of Trump winning the 2024 Presidential elections have spiked to 72, while Joe Biden has around 18 percent.

As we previously reported, the US-based spot Bitcoin ETF has registered notable cash inflows in the past few months, thus fueling the BTC-led crypto bullish outlook. Last week, the US-based spot BTC ETFs recorded more than $1.4 billion in cash inflows led by BlackRock’s IBIT and Fidelity Investments’ FBTC.