The cryptocurrency market witnessed an unexpected surge in Trump-related digital assets following reports of an alleged assassination attempt on former President Donald Trump. The incident, which reportedly occurred during a rally in Butler, Pennsylvania, sparked a flurry of activity in the crypto space.
The most prominent Trump-inspired cryptocurrency, MAGA (TRUMP), experienced a dramatic price increase of approximately 52% in the wake of the reported incident. The token’s value jumped from $6.31 to $10.36 in a matter of minutes, causing its market capitalization to swell from $293 million to $469 million.
Other Trump-related digital currencies also saw significant gains. The Solana-based token Tremp (TREMP) surged by over 63% within an hour of the news breaking, while MAGA Hat (MAGA) briefly climbed 21% during the same period.
The incident allegedly took place as Trump was addressing supporters at a July 13 event. Reports suggest that gunshots were heard, prompting Secret Service agents to quickly escort the former president to safety. Despite the chaos, Trump reportedly paused to raise his fist and address the crowd before leaving the stage.
A spokesperson for Trump’s campaign assured the public that the former president was unharmed and receiving medical attention as a precautionary measure.
The crypto market wasn’t the only arena affected by this event. Prediction markets also saw significant shifts, with Trump’s odds of winning the upcoming election reportedly increasing from 60% to 68% on the Ethereum-based platform Polymarket. Conversely, President Biden’s reelection odds purportedly dropped from 30% to 15%.
This incident comes at a time when Trump, once skeptical of cryptocurrencies, has been adopting a more favorable stance towards digital assets. He recently pledged to end what he termed the Biden administration’s “war on crypto” if elected, marking a significant shift in his approach to the industry.
As investigations into the alleged assassination attempt continue, the crypto market remains volatile, reflecting the broader political uncertainties surrounding the upcoming election.
