TLDR
- Meme coins, including PEPE, WIF, and Popcat, have seen significant price increases recently.
- Bitcoin’s price climbed above $65,000, reaching its highest level in nearly a month.
- The surge in crypto prices followed a failed assassination attempt on Donald Trump at a campaign rally.
- Trump-themed meme coins, such as TREMP, TRUMP, and MAGA, experienced dramatic price jumps after the incident.
- Trump has positioned himself as a crypto-friendly presidential candidate, promising to “defend the right to mine Bitcoin.”
The cryptocurrency market experienced a significant uptick following a failed assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania on Saturday.
Bitcoin, the largest cryptocurrency by market cap, broke above $65,000 per coin, reaching its highest level in nearly a month.
The incident occurred when Trump was speaking at a rally, and loud noises resembling gunshots were heard. The former president ducked down and was immediately surrounded by Secret Service agents.
He later rose to his feet with apparent minor injuries. The Secret Service has confirmed Trump’s safety, and law enforcement sources are treating the event as an assassination attempt.
In the wake of this event, the crypto market saw widespread gains, with meme coins experiencing particularly dramatic increases.
Meme coins, typically considered the riskiest cryptocurrencies, are often based on internet jokes, trends, or real-world events.
Ethereum-based Pepe (PEPE) and Solana’s Dogwifhat (WIF) were among the biggest winners, with gains of 21% and 18% respectively in a 24-hour period.
Popcat, another Solana-based meme token, also saw an 18% increase. Dogecoin, the original meme coin and 10th largest cryptocurrency by market cap, rose by nearly 5%.
Trump-themed meme coins saw even more dramatic price jumps. TREMP maintained the largest gains, up 71% over 24 hours, while TRUMP increased by 39% and MAGA by 33%.
The surge in crypto prices may be linked to Trump’s recent pro-crypto stance. The former president has positioned himself as a crypto-friendly candidate, setting him apart from his challenger in the upcoming election, current President Joe Biden.
Trump has stated he will “defend the right to mine Bitcoin” and is scheduled to speak at the 2024 Bitcoin Conference in Nashville, TN, later this month.
Some investors and market observers believe that surviving an apparent assassination attempt might benefit Trump’s campaign in the coming months.
If he wins the election, crypto advocates expect a more favorable regulatory environment compared to a second Biden term.
It’s worth noting that meme coins are known for their high volatility, often influenced by social media sentiment and real-world events. The recent price movements in these assets reflect this characteristic.
The crypto market’s response to the Trump rally incident highlights the interconnectedness of political events and cryptocurrency prices.
As the U.S. presidential election approaches, the crypto community will likely continue to watch political developments closely, given their potential impact on the regulatory landscape and market sentiment.
As of the latest data, Bitcoin is priced at $64,359, up more than 1% over the past 24 hours. Other cryptocurrencies and meme coins continue to show varied levels of growth, reflecting the overall positive sentiment in the market following the weekend’s events.
