An assassination attempt on former president Donald Trump in Pennsylvania stunned most of the world earlier this week. Politicians all around the world expressed concern following this event. Whether the assassination attempt will be a positive force for the former president’s election in November is yet to be determined. What we can conclude with certainty, however, is that this event has had a major impact on the trajectory of the cryptocurrency market this week. In this article, we will:

  • Go into detail about the effect that the assassination attempt on the former president has had on a number of memcoins related to Donald Trump.
  • In addition, we will analyze how bitcoin changed trajectory following this act of violence, and how Trump is advocating for crypto in his eventual second term.

Donald Trump Memecoins Rally

Immediately following the former president’s assassination attempt in a rural town in Western Pennsylvania called Butler, a number of memecoins named after the president saw a surge in price.

  • For example, the price of the largest Donald Trump memecoin, MAGA (TRUMP), spiked by over 30% in the hours following the assassination attempt. The Ethereum-based memecoin remarkably rapidly spiked from a price of $6.31 to $10.36. It also saw its market capitalization ascend from $293 million to $469 million in just 45 minutes after news broke that Trump was shot, according to Cointelegraph.
  • In addition, other lesser-known Trump-related memecoins also jumped in price following the news. The Solana-based Tremp (TREMP) memecoin grew by roughly 63% after the assassination attempt. Another one, called MAGA Hat (MAGA) also briefly surged by 21% in the hours following the news.

Bitcoin Also Rallies After Recent Downtrend

In addition to some Trump-themed memecoins spiking following the president’s assassination attempt, bitcoin also surged immediately following the news after a period of rapid downtrend in recent days and weeks.

  • The price of bitcoin “soared minutes after the shooting, but by July 15, a different crypto story was emerging.” Immediately following the news, the price of BTC jumped 5.8% over the previous 24 hours, and a surprising 14.2% from the previous week. The price of bitcoin itelf peaked at just over $65,000 before then receding a little.
  • Trump has been seen by many in the Web3 community as the “vastly more pro-bitcoin and pro-crypto candidate” in the race for the American presidency, according to Austin Campbell, professor at Columbia University’s School of Business. The price rally of bitcoin therefore could be interpreted as a logical market response of Trump’s rising odds to win the presidency following the assassination attempt, which have historically solidified support for a candidate.
  • Other crypto experts and political commentators are anticipating that, should Trump win on November 5th, Hester Pierce could be nominated as SEC commissioner in Gary Gensler’s stead. Pierec would certainly be a crypto-friendly commissioner – unlike Gensler – meaning that policies beneficial to bitcoin and crypto in general could easily be implemented.
  • Trump has hit out numerous times against President Biden over crypto policies, even stating tha he would end Biden’s “war ion crypto” if elected. His campaign has been accepting crypto payments as well for a couple of months now – a first for a major US politician. Trump will reaffirm his friendly stance towards the Web3 ecosystem at a Bitcoin conference in Nashville later this month as well.

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