KEY POINTS
The price of the largest memecoin linked to Donald Trump, MAGA (TRUMP), rallied over 63% following an assassination attempt on the former President in Butler, Pennsylvania, on July 14.
MAGA Performance
The Ethereum-based MAGA memecoin rapidly surged from $6.28 to $10.25. Additionally, the market cap increased from $293 million to $469 million in less than 45 minutes.
Market analysts attribute the increase to heightened media attention and speculation surrounding the incident. Investors rushed to capitalize on the momentum, driving up its value across major exchanges.
Social media platforms and online forums buzzed with discussions about the coin’s meteoric rise, with memes and humorous takes adding to its viral spread.
According to CoinMarketCap data, MAGA is currently priced at $8.04, reflecting a 27% decrease compared to the previous day.
Experts Insights
Despite the rapid ascent, financial experts caution that such coins are highly speculative and prone to extreme volatility.
The sudden surge in price may attract short-term traders looking to capitalize on market swings, adding further complexity to an already unpredictable investment landscape.
Looking ahead, the Donald Trump Memecoin could stabilize or experience corrections in response to market dynamics and broader geopolitical developments.