Donald Trump Memecoin Skyrockets
2024-07-15
Bittime - The assassination attempt on Donald Trump sparked a 30% surge in MAGA memes and increased his odds of winning on the Polymarket prediction market from 60% to 68%.
Donald Trump Memecoin Skyrockets
Former President Donald Trump survived an assassination attempt during a rally in Butler, Pennsylvania, causing a significant impact on Trump-themed crypto assets and his election chances in prediction markets. The largest Trump memecoin, MAGA (TRUMP), surged more than 30%, and its market capitalization increased dramatically.
Other Trump-themed memecoins such as Tremp (TREMP) and MAGA Hat (MAGA) also saw significant spikes. Trump's odds of being elected on Ethereum-based prediction market Polymarket increased from 60% to 68%, while President Joe Biden's odds fell sharply.
MAGA Prices Increase Drastically
Immediately after the assassination attempt, Ethereum-based Memecoin MAGA shot up rapidly from a price of $6.31 to $10.36. According to DexScreener data, its total market capitalization jumped from $293 million to $469 million in less than 45 minutes.
Chances of Trump's Election Soar on Polymarket
Speculators on Ethereum-based prediction market Polymarket were also quick to place their bets, with Trump's odds of achieving 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 chances of winning reelection fell from 30% to 15%. Trump is now the favorite in prediction markets, with overall odds of 70% compared with just 15% for Biden and 9% for Vice President Kamala Harris.
Conclusion
The assassination attempt on former President Donald Trump in Butler, Pennsylvania, has triggered a significant spike in the value of Trump-themed memes, as well as increasing his chances of winning in prediction markets. Memecoin MAGA (TRUMP) surged more than 30%, with its market cap rising dramatically from $293 million to $469 million in less than 45 minutes.
Other Trump-themed memecoins such as Tremp (TREMP) and MAGA Hat (MAGA) also saw significant spikes. On Ethereum-based prediction market Polymarket, Trump's odds of being elected increased from 60% to 68%, while President Joe Biden's odds plummeted from 30% to 15%. Now, Trump is the favorite in prediction markets with overall odds of 70%, far surpassing his main rival, Joe Biden, and Vice President Kamala Harris.
This event shows how sensitive crypto asset markets and political predictions are to big news and unexpected events, and how market sentiment can change quickly due to significant events.
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