An attempt on the life of former President Donald Trump resulted in heightened volatility in the prices of Maga Coin TRUMP/USD, a coin inspired by him.
What Happened: Maga Coin, rooted in the “Make America Great Again” movement, belongs to the hot new breed of PolitiFi cryptocurrency tokens.
As the name suggests, these tokens incorporate political themes and campaigns into the cryptocurrency realm.
The coin spiked 48% within hours of Trump escaping an assassination attempt at a campaign rally on Saturday and has remained volatile ever since.
The coin has been on an uptrend this election year, shooting up a staggering 30x year-to-date. The surge has been synonymous with Trump's pro-cryptocurrency speeches during campaigns.
See Also: Bitcoin, Ethereum, Dogecoin Recover As Market Reacts Positively To Trump Escaping Assassination Attempt: Analyst Predicts King Crypto’s Pullback Before Rise To $63.8K
On the contrary, a coin themed around President Joe Biden, JEO BODEN BODEN/USD, has plunged 70% since its launch in March.
Why It Matters: Maga Coin's success indicates the cryptocurrency market's bullish bias toward Trump's presidency.
Whether it's his reassurances about making the U.S. a crypto-friendly destination, positioning himself as a "crypto president," or accepting political donations in cryptocurrencies, the positive campaigning has helped build support among advocates of the asset class.
The odds of Trump becoming president have been rising on the cryptocurrency prediction market, PolyMarket, and hit an all-time high of 70% after he survived the assassination bid.
Price Action: At the time of writing, Maga Coin was exchanging hands at $7.60, sinking 5.40% in the last 24 hours, according to data from Benzinga Pro. Over the last week, the coin gained 40%.
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