Trump’s increasing chances of winning the presidency have positively impacted the broader cryptocurrency market.
While Bitcoin is trading at a 12-day high with most of the top cryptocurrencies sending greenery, former United States President Donald Trump-related meme coins reported a drop over the last 24 hours.
The MAGA token is currently trading at $7.54, reflecting a decline of over 3% in the past 24 hours. Another Trump-related meme coin, the Never Surrender token, has also seen a sharp drop, plummeting more than 26% during the same period. However, when viewed over a longer timeframe, these meme coins tell a different story.
While the MAGA token is up by 35% in the last seven days, the Never Surrender token has skyrocketed by more than 250%. This clearly indicates that these tokens are on a rally, and the current situation is just a temporary correction amid the soaring prices.
It is interesting to note that this rally started soon after the dramatic assassination attempt on Trump during a campaign event in Pennsylvania. On July 13, during a rally in Butler, the presidential candidate was struck in the back of the head. The bullet grazed the upper part of his right ear, causing significant bleeding.
The scene quickly turned chaotic as Secret Service agents intervened, rushing Trump off the stage and to a local medical facility.
Despite the severity of the situation, Trump managed to make a defiant gesture. He pumped his fist to the crowd as he was led away. The attack resulted in the deaths of one rally attendee and the suspected gunman, with two other spectators critically injured.
A Rise in Trump’s Support
The assassination attempt has led to a surge in public support for Trump, with many rallying behind him. Notable figures like Elon Musk, CEO of Tesla and SpaceX, publicly expressed their support, with Musk wishing him a speedy recovery.
Notably, the situation also appears to have bolstered Trump’s standing in recent polls and betting markets. Before the attempt, his odds of winning the 2024 presidential election stood at around 65.2%, but they have since improved to 73.3%.
Trump, who used to criticize the crypto industry a few years ago, has shifted his stance recently. Whether this is a genuine change of heart or a political move to appeal to younger voters remains a topic of debate. Regardless, the crypto community has started liking him.
Trump’s increasing chances of winning the presidency have positively impacted the broader cryptocurrency market. Bitcoin surged by 4% early Monday, reaching $62,800. Similarly, Ether saw a 5% increase, trading at around $3,356 at the time of writing.
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