MAGA, MAGA Hat, STRUMP, TREMP rally after Trump shooting

Donald Trump tokens rallied sharply on Sunday morning after Donald Trump’s shooting incident at a rally in Pennsylvania. TREMP token soared by over 56% to $0.612 while MAGA Trump jumped by 37%. Other Trump tokens llke MAGA Hat and Super Trump (STRUMP) also went parabolic in the overnight session. 

Donald Trump shot 

The biggest theme during the weekend was the Donald Trump shooting during a rally in Pennsylvania. He was shot in the upper side of the ear and one rally attendee was shot and others died. President Joe Biden condemned the shooting incident.

The shooting came at a time when the campaign period is accelerating, with Donald Trump set to receive the full Republican nomination this week. 

Recent polls show that he has higher chances of winning, especially if he competes with Joe Biden. A poll released last week by the Pew Research Center showed that Trump had a 4 point lead. 44% of the respondents said that they would vote for Trump while 40% and 15% would vote for Biden and Robert Kennedy.

The shooting incident came as Joe Biden continued to struggle in the polls as concerns about his age and mental sharpness. 

Analysts believe that Trump has a real chance to be re-elected but cautioned that the situation could change if Biden is replaced.

He'll never stop fighting to Save America 🇺🇸 pic.twitter.com/qT4Vd0sVTm

— Donald Trump Jr. (@DonaldJTrumpJr) July 13, 2024

Trump-tokens rally

Investors flocked to Trump tokens as a show of support and as the hype continued. Doland Tremp, rose to $0.6068 from last week’s low of $0.33. It remains significantly below its all-time high of $1.37 while its market cap has jumped to over $61 million.

Doland Tremp, a Solana meme coin, is mostly preferred by investors because all tokens are available to trade. This is unlike other meme coins that have scheduled unlocks that increase the number of tokens in circulation. 

MAGA Hat rose by over 37% to $8.55, its highest point since June 29th and much higher than this month’s low of $5.30. It has a market cap of over $398 million, making it the biggest political-themed token. Its valuation is bigger than some well-known companies like GoPro, Standard Lithium, and 23andMe. 

Super Trump, another small Trump-themed token, rose to $0.011, up from this month’s low of $0.08. Its market cap has risen to over $26 million.

The rise of political meme coins

Trump tokens are part of the ongoing trend of political-themed meme coins. For example, tokens like Jeo Boden and Hunter Biden’s Laptop are associated with Joe Biden. 

However, data shows that these tokens are not popular, with Jeo Boden having a market cap of over $22 million. That is likely because Trump has a more cult following than Biden.

Most of these tokens are built on top of Solana’s blockchain, which is known for its speed and low transaction costs. It has also become easy to create these tokens using platforms like Pump.fun.

It is unclear what the future holds for these political-themed tokens, especially after the November election. The expectation is that Trump-themed tokens will do well if he wins the election and drop if he loses. These gains could be short-lived though. 

Meme coins have become some of the most popular assets in the crypto industry this year. Cumulatively, all meme coins tracked by CoinGecko have over $46 billion in market cap. 

While Dogecoin and Shiba Inu lead in valuation, other newer ones like Pepe, Dogwifhat, and Bonk lead in terms of volume. Pepe had a volume of over $667 million in the last 24 hours while WIF had over $325 million. In contrast, Dogecoin and Shiba Inu had $604 million and $271 million.

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