Memecoins associated with the front-runner Republican candidate for the US presidency, Donald Trump, such as STRUMP, MAGA, TREMP, and TRUMP, saw a notable increase in value late on Saturday following reports of his attempted assassination while he was speaking at a rally in Butler, Pennsylvania.
According to the crypto intelligence platform Santiment, the cryptocurrency community has typically responded positively to pro-Trump news, owing to his recent pro-crypto sentiments as general elections approach this fall. Surviving an assassination attempt is considered pro-Trump news.
As a result, as soon as the news broke, the cryptocurrency market reacted, sending Bitcoin (BTC) soaring to a 10-day high of $60.3K and the $TRUMP memecoin surging by more than 63%.
TRUMP, TREMP, STRUMP reel after early surge
Although the Bitcoin price continues to rise, trading above $63,000 at press time, with gains of 4.23% in the last 24 hours and 13.4% in the previous seven days, most Trump-themed memecoins are losing their late Saturday and early Sunday gains.
Comparably, the value of the cryptocurrency market has increased by 3.63% in the past day to reach $2.29 trillion at the time of publication. Most meme coins had gains of at least 3%, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
Interestingly, the prices of memecoins associated with Joe Biden, the incumbent presidential candidate, including Jeo Boden (BODEN), are slightly increasing.
MAGA (TRUMP) led yesterday’s gains, rising from $6.4 on July 13 to more than $10 on July 14 at 10:56 GMT+1. It did, however, lose the majority of these gains by late Sunday. TRUMP has lost 8.08% in the last 24 hours and is currently trading at $7.7.
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MAGA (TRUMP) price chart (Source: CoinGecko)
However, CoinGecko data shows that the MAGA price is still up by more than 40% since a week ago.
Doland Tremp (TREMP) is another memecoin that has retraced sharply since yesterday, despite making impressive gains after Donald Trump survived the assassination attempt. TREMP saw a spike to above $0.5681 yesterday but has since fallen 19% in value. Although it has gained 32% in the last seven days, the TREMP token has become one of the top losers on CoinGecko.
Additionally, Super Trump (STRUMP) saw gains yesterday, reaching a weekly high of $0.013 before falling 6.05 percent on Monday morning to trade at $0.011 on Coinmarketcap.
Investors cash in on Donald Trump-themed memecoins
The recent surge in popularity of Donald Trump-themed memecoins has led to significant profits for some early investors.
According to Lookonchain, one wallet address deposited all 1.08 million TRUMP token holdings, worth $8.85 million, into the BTSE Exchange, resulting in a profit of approximately $8.3 million.
This wallet purchased the TRUMP tokens between November 22 and December 4, 2023, spending 540,700 USDT at an average price of $0.5 per token.
While these memecoins are now experiencing a crash in value, some whales and traders were able to capitalize on the hype and make substantial gains before the decline.
