Trump-Linked Memecoins Surge After Failed Attack – What’s Next for $MAGA and Others?

Key Takeaways

• Memecoins linked to Donald Trump pumped following the former President’s assassination scare.
• After the initial jump, most of them plunged as traders took profits.
• New political memecoins are emerging in the market.

The cryptocurrency market witnessed a dramatic surge in Donald Trump-themed tokens on Sunday, July 14, 2024, spurred by a shooting incident  involving Trump at a rally in Pennsylvania.

However, it wasn’t long before memecoins linked to the leading former President plummeted as traders decided to take profit from the initial rally.

Gunfire Attack Boost Trump-Linked Memecoins

On Sunday, July 14, Donald Trump-themed tokens experienced a significant surge following a shooting incident involving Trump at a rally in Pennsylvania. TREMP  soared by over 50% to over $0.61, while MAGA Trump  jumped by over 35% to surpass $8.00. Other Trump tokens, including MAGA Hat and Super Trump, also saw exponential gains overnight.

Doland Tremp , a Solana-based memecoin, is particularly favored by investors because all its tokens are immediately available for trading, unlike other memecoins that have scheduled unlocks, increasing token circulation over time.

MAGA Hat  surged by 40% to $8.55, its highest level since June 29 and a substantial increase from this month’s low of $5.30. It is the largest politically themed token with a market capitalization nearing $400 million. Super Trump, another smaller Trump-themed token, increased to over $0.01, up from this month’s low of $0.008. Its market capitalization has now risen to around $30 million.

Profit Gains After Initial Triumphs

The recent surge in Trump-themed memecoins was certainly short-lived, with prices pulling back after sharp gains. STRUMP  and MAGA, for example, have fallen 11% and 14%, respectively, from their recent peaks. This decline is likely due to investors taking profits.

However, the reaction wasn’t uniform. Never Surrender  suffered a steeper drop of 65%, while TRUMP  and BabyTrump  fell by 16%. On the other hand, MoonTrump  managed to hold relatively steady, dipping only 0.2%.

The recent price swings reignite the debate about the long-term viability of memecoins, particularly those tied to specific trends. Investors are now looking for the next big thing, with innovative meme coins like Shiba Shootout and Base Dawgz attracting attention for their unique features and growth potential.

The future of these politically themed tokens remains uncertain, particularly with the November elections approaching. It is anticipated that Trump-themed tokens will perform well if he wins the election but could decline if he loses.

The Rise Of Political Memecoins

Trump tokens are part of the broader trend of politically themed meme coins, including tokens associated with Joe Biden, such as Jeo Boden and Hunter Biden’s Laptop. However, these Biden-themed tokens have not gained as much popularity. For instance, Jeo Boden  has a market capitalization of just over $22 million, likely because Trump has a more fervent following than Biden.

Most of these tokens are built on the Solana blockchain, which is renowned for its speed and low transaction costs. Political memecoins are evolving into a significant element in the lead-up to the 2024 US. Elections. The PolitiFy category on CoinMarketCap  features thousands of tokens related to political themes.

Many of these tokens are not worth traders’ attention, as their communities have failed to grow, and their prices have plummeted. However, the market is also highlighting the leaders – tokens with thriving communities and increasing numbers of holders.

Widening the spotlight to other memecoins – not only the political ones -this year, but they have also become some of the most popular assets in the cryptocurrency industry. Collectively, all memecoins tracked by CoinGecko  have a market capitalization exceeding $46 billion.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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