MAGA Coin Volatile After Trump Survives Assassination Attempt
2024-07-17
Bittime – An assassination attempt on former President Donald Trump has caused a spike in volatility in the price of Maga Coin (CRYPTO: TRUMP), a cryptocurrency inspired by him.
What Happened to Maga Coin?
Maga Coin, which has its roots in the “Make America Great Again” movement, is part of PolitiFi's growing family of tokens. As the name suggests, these tokens incorporate political themes and campaigns into the world of cryptocurrency.
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Significant Maga Coin Price Surge
The price of Maga Coin jumped 48% just hours after Trump survived the assassination attempt. This surge reflects the market's rapid reaction to big news, especially those related to controversial political figures like Trump. The coin has continued to show volatility since the incident, with price movements fluctuating but trending upward throughout this election year.
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So far this year, Maga Coin has increased by 30 times its price at the beginning of the year. This drastic increase cannot be separated from Trump's speeches, which often raise the issue of cryptocurrency in his campaigns. Trump has frequently expressed support for making the United States friendlier to cryptocurrencies, a message that has clearly been received positively by investors and supporters.
Comparison of Maga Coin with Other Political Themed Coins
On the other hand, the cryptocurrency coin themed around President Joe Biden, JEO BODEN (CRYPTO: BODEN), showed a very different performance. The coin has experienced a sharp decline, with its price plummeting 70% since its launch in March. The performance difference between Maga Coin and JEO BODEN illustrates how political sentiment can influence cryptocurrency markets.
Why is the Success of Maga Coin Important?
Maga Coin's success reflects the bullish bias in the cryptocurrency market towards Trump's leadership. The Trump campaign's frequent emphasis on the importance of cryptocurrencies in the modern economy helped build support among fans of these digital assets. Trump also frequently refers to himself as the “crypto president,” a claim that helps cement his image in the eyes of cryptocurrency advocates.
In addition, Trump accepted political donations in the form of cryptocurrencies, a move that was not only innovative but also strengthened his position as a major supporter of this new financial technology. This kind of political support could have a significant impact on wider cryptocurrency adoption in the future.
Impact of Maga Coin on Prediction Markets
The incident of the assassination attempt on Trump also affected the cryptocurrency prediction market. On PolyMarket, a cryptocurrency prediction market, Trump's chances of being re-elected as president increased drastically after the incident, reaching an all-time high of 70%. This increase shows how major political events can influence market expectations for election results.
Latest Maga Coin Price Movement
At the time of writing this article, Maga Coin is trading at $7.60, experiencing a decline of 5.40% in the last 24 hours according to data from Benzinga Pro. Despite a short-term dip, the coin has shown a significant gain of 40% in the past week. These price fluctuations show that the market is still very responsive to Trump-related news and events.
In conclusion, the volatility that Maga Coin experienced after the assassination attempt on Trump shows how political events can affect the cryptocurrency market. With strong support from supporters and investors, as well as Trump's pro-cryptocurrency position, Maga Coin will likely continue to be in the spotlight in the global cryptocurrency market.
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