TLDR
- Donald Trump’s NFTs and related meme coins saw significant price increases following an assassination attempt on the former president.
- The floor price of Trump’s original NFT collection reached an all-time high of 933 MATIC ($502).
- A crypto trader reportedly made $8 million profit from the MAGA (TRUMP) meme coin surge.
- Bitcoin’s price also increased following the incident, rising from $59,000 to over $60,000.
- Trump’s odds of winning the 2024 election increased on prediction markets, rising from 60% to 71%.
On July 13, 2024, former U.S. President Donald Trump was the target of an assassination attempt during a campaign rally in Butler, Pennsylvania.
The incident, which saw Trump shot in the right ear, has had unexpected ripple effects in the cryptocurrency world.
Shooting just happened at The Trump rally pic.twitter.com/Xs1dVL1H3T
— Acyn (@Acyn) July 13, 2024
Trump’s digital assets, including his NFT collections and related meme coins, experienced significant price surges in the aftermath of the event.
The floor price of Trump’s original NFT collection, launched in December 2022, reached an all-time high of 933 MATIC (equivalent to $502) on various NFT marketplaces. This represents a substantial increase from its previous trading price of around $228 just days before the incident.
The second series of Trump Digital Trading Cards also saw a 20% increase, rising to 163 MATIC ($233). These NFTs, which depict Trump in various heroic or fantastical scenarios, have had a mixed performance since their launch.
The recent price surge marks a notable turnaround for these digital collectibles.
Meme coins associated with Trump also experienced dramatic price movements. The MAGA (TRUMP) token, the largest Trump-themed meme coin, surged over 30% in less than an hour following the assassination attempt.
Its price jumped from $6.31 to $10.36, briefly pushing its market capitalization from $293 million to $469 million. Other Trump-related meme coins, such as Solana-based Tremp (TREMP) and MAGA Hat (MAGA), also saw significant price increases of 63% and 21% respectively.
The market reaction extended beyond Trump-specific assets. Bitcoin, the largest cryptocurrency by market capitalization, also saw a notable increase.
Its price rose from $59,000 to over $60,000 in the hours following the incident. Some analysts attribute this movement to Trump’s recent pro-crypto statements, which may have influenced the crypto community’s response to news related to the former president.
The incident also impacted prediction markets. On Polymarket, an Ethereum-based prediction platform, Trump’s odds of winning the 2024 U.S. presidential election jumped from 60% to 71% in just two days following the assassination attempt. Conversely, current President Joe Biden’s reelection odds fell from 30% to 15%.
Some traders capitalized on these market movements. One crypto whale, suspected to be the trader known as Gigantic-Cassocked-Rebirth (GCR), reportedly made an $8 million profit from the MAGA meme coin surge.
On-chain data shows that this trader had acquired TRUMP tokens at an average price of $0.5 per coin between November and December 2023, and likely sold when the price approached $8.
Trump’s response to the assassination attempt may have fueled some of the market enthusiasm. Despite being shot, Trump managed to raise his fist and shout towards the crowd as he was being escorted off stage.
This gesture was widely interpreted as a display of resilience and garnered support from various public figures.
In the days following the incident, Trump’s team confirmed his recovery and his planned appearance at the Bitcoin Conference 2024 in Nashville. This announcement may have further boosted sentiment in the crypto markets.
