MAGA Staying in the $5 Range, Approaching $10
Some Themed Meme Coins Soar Over 500%
Coins linked to the 'Trump theme' have seen a sharp price surge following the shooting incident involving former U.S. President and Republican presidential candidate Donald Trump. The price increase is driven by expectations that Trump's chances of winning have improved due to the consolidation of Republican supporters after the shooting. Since former President Trump has pledged crypto-friendly policies, the stronger his momentum becomes, the greater the possibility that coins will rise further on policy expectations.
MAGA Coin, which had stayed around $5 since June, approaches the $10 mark
According to crypto news outlet CryptoNews, on the 14th (local time), the Trump-themed meme coin MAGA surged following news that former President Trump was shot at a campaign event in Pennsylvania. MAGA Coin, which had dropped to around $5 since early June, nearly doubled to $9.97 immediately after the shooting incident.
This coin is a so-called meme coin created by supporters to commemorate Trump's inauguration and is the largest in trading volume among Trump-themed political coins. The market capitalization of MAGA Coin also rose significantly from $293 million (approximately 404.3 billion KRW) to $469 million (approximately 647.2 billion KRW) before and after the shooting incident.
Other Trump-themed meme coins, both large and small, have also surged. The 'Super Trump (STRUMP)' coin rose more than 51%, while the 'Never surrender Trump' coin skyrocketed over 500%. The price increases are analyzed to be driven by expectations that Trump's support base will consolidate after the shooting, raising his chances of winning.
The coin market stirs as Trump's election probability rises... Expectations for crypto-friendly policies
Beyond Trump-themed coins, the overall cryptocurrency market is also on the rise. The expectation that if former President Trump, who has pledged crypto-friendly policies, wins re-election, U.S. government regulations on major coins like Bitcoin will be significantly eased has been factored in.
On the crypto-based prediction market Polymarket, the forecast for Trump's re-election chances rose to 70%, up 10 percentage points from before. Meanwhile, President Biden's re-election chances dropped sharply from 30% to 15%. Polymarket is a betting market where consumers wager on the candidate they expect to win and receive coins worth $1 if their prediction is correct.
Former President Trump has criticized the Democratic Party's policies, which have imposed strong regulations on cryptocurrencies, and has made crypto-friendly policies a key part of his platform. The '2024 Republican Platform,' unveiled at the Republican National Convention on the 8th, includes a pledge that "the Republican Party will stop the Biden administration's crackdown on crypto assets and guarantee that all Americans can trade cryptocurrencies without government surveillance." Trump also emphasized on social media that "we will protect the right to mine Bitcoin and guarantee the right to trade without government monitoring and control."
Earlier this month, at a fundraising event in San Francisco, former President Trump declared he would be the "crypto president," pledging full support for the cryptocurrency market. He is also scheduled to attend and speak at the Bitcoin Conference in Nashville, Tennessee, on the 27th.
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