The attempted murder of the former US president and a current presidential candidate Donald Trump that took place over the weekend has sent shockwaves through not only political but financial worlds.
In particular, this event all of a sudden caused an explosive price increase is the cryptocurrency market. In particular, this assassination attempt (and luckily an unsuccessful one) powered a massive growth in politifi meme coins. The most popular among them is MAGA (TRUMP) named after the presidential candidate who was shot at but in a lucky turn of events he only got his year hit with the bullet.
What is PolitiFi Cryptocurrencies and Why It Soaring High
Politifi are coins that are focused on political topics and figures, such as Donald Trump and Joe Biden, have been expanding in popularity during the past few years. These meme coins are frequently connected to particular political movements, notable figures and their ideologies. These cryptos allow investors to support particular political figures and/or speculate on political events. Still, the true interest in that sort of crypto was triggered thanks to the attempt to assassinate Trump this weekend.
Notably, the title of MAGA is an abbreviation which stands for Trump’s election slogan “Make America Great Again” that helped him to win the election in 2017 and get into the president’s chair in the White House. When choosing a market ticker for it, the anonymous creators (supporters of Trump obviously) did not strain their imagination too hard and took Trump’s last name for it.
It was issued back in 2018 with a supply of close to 47 million coins. Currently its market capitalization comprises $346,953,916 and it has jumped to the 212th position on the CoinMarketCap scale from 228 last month. This jump took place this weekend after the news about shots fired at Trump spread on the social media and traditional news outlets. MAGA printed a huge 44% price surge in a single hourly candle, jumping from $6.3 to $9.15 per coin on Saturday, July 13, the day of the failed assassination. However, this was not the coin’s peak price. Earlier this year, on June 1, TRUMP reached an all-time high as it hit the $17.52 mark on the charts.
Since then, however, MAGA has shed 15.12% and is currently trading 55% below its 1-June historic peak at $7.94.
Along with MAGA, TrumpCoin also made a gigantic price leap upward. All of a sudden, MAGA, TrumpCoin and other coins named in honor of the former and controversial US president have experienced a massive price jump. Some of them, rising by 10-15% in the past 24 hours, according to the CoinMarketCap data.
Non-politifi Meme Coins Skyrocketing
Non-political meme coins have also skyrocketed this weekend thanks to Donald Trump. The second largest meme crypto Shiba Inu (SHIB) saw a 10.3% price rise, Dogecoin (DOGE) jumped by more than 11% in the past two days. Considering the fact that the prominent DOGE fan Elon Musk supports Trump in these elections against Joe Biden and has secretly donated a hefty amount to Trump’s team, according to Bloomberg, the price of Dogecoin may have benefited from this too.
Dogecoin was the very first meme cryptocurrency to appear in 2013 inspired by memes that featured the Kabosu Shiba Inu dog, which passed away earlier this year. SHIB was created in 2020 by a pseudonymous developer Ryoshi who preferred not to reveal his real name. Similarly to the Bitcoin creator Satoshi Nakamoto, he chose to disappear from the public space in 2022.
Other popular meme coins, such as Floki, Pepe, etc, have also experienced an explosive price surge. However, the Solana-based WIF has surpassed them all with a 1,306% growth year-to-date and market capitalization of $2.1 billion. Pepe came second on this list created by Forbes with a 815% increase year-to-date.
Price Reversals Followed Big Surges
However, all these massive rises of politifi and meme coins were followed by staggering rebounds into the red with many small cryptocurrencies losing their quick gains made this weekend completely. Those rollbacks happened due to suddenly rising concerns about possible market manipulations and investors began to sell those coins, eager to get rid of them after making healthy profits.
All the more reason for that is the fact that meme coins, part of which are politifi tokens, are already widely known for frequent pump-and-dump schemes conducted by fraudulent developers and whales. Therefore, a wave of fear about possible losses rose after a tornado of euphoria.
Here’s What to Expect for Politifi Coins This Year
In the short term, experts believe that politifi markets will continue to see increased volatility, especially coins inspired by Donald Trump with the elections coming in November this year. Many people are choosing various TRUMP and Biden-themed coins to support their future choice of the president and make their position clear on that by betting money on the candidate whose victory they believe in.
It is vitally essential to understand all the risks associated with this type of digital assets and be aware that high profits are equally possible along with high risks and ethical considerations as well.
