MAGA Token Surges Then Declines Post-Assassination Attempt on Donald Trump

The MAGA token, a memecoin launched in mid-2023, has recently made significant headlines. Initially designed to rally support for Donald Trump, the token saw a surge in popularity.

The MAGA token, a memecoin created to show support for Donald Trump, has seen impressive performance in 2023. Launched on Solana in mid-2023, the token has quickly gained traction, spreading to other networks like Ethereum, BSC, and Base.

Currently, MAGA is present in nearly 71,400 wallets and has a market capitalization of $274 million. But interestingly, Trump’s influence on the crypto market extends beyond official NFT collections.

According to data from Footprint Analytics, Trump’s announcement of a fourth series of NFTs has sparked a buying spree. Despite the lackluster performance of Trump’s NFTs, with the floor price of his first three series of NFTs still below the mint price, unofficial memecoins like MAGA have seen a strong response.

After Trump's arrest in August, the number of wallets containing MAGA jumped by 620. Moreover, when the Supreme Court ruled that Trump could be added to the California ballot in early March, a massive surge of 5,550 additional addresses began holding MAGA. This marked the largest surge of new holders to date.

But the link between Trump and MAGA is evident in other ways as well. Throughout 2023, key events in Trump’s life have coincided with significant spikes in MAGA wallets. For instance, after a verdict found Trump guilty of paying $130,000 in hush money to Stormy Daniels, there was a notable uptick in MAGA wallets. Similarly, after the recent assassination attempt on Trump, there was another surge.

Notably, the Ethereum-based MAGA memecoin saw a rapid spike from $6.31 to $10.36 immediately after the assassination attempt. This surge caused its total market capitalization to jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data.

However, MAGA's journey also highlights trends in memecoins and the market. Usually, when the price of Bitcoin rises, so does the demand for memecoins. This pattern was seen earlier this year with another memecoin, MOG, which saw thousands of new holders as Bitcoin hit its record high in March. The number of new MOG holders also increased when Bitcoin attempted a retest in late May.

MAGA Surges, then Declines Post-Assassination Attempt

The MAGA token saw a significant surge in price following the assassination attempt on Donald Trump, but it has since experienced a decline. At the time of writing, the MAGA token is priced at $6.27, reflecting a 2.69% increase over the past week. The token’s market capitalization stands at approximately $275.7 million, showing a 9.73% decrease. The 24-hour trading volume is around $12.2 million, which is a 37.53% increase. The circulating supply of MAGA tokens is 43,997,357, with a total supply of 46,502,452 tokens. The fully diluted market cap is estimated at $291.4 million.

The chart above from TradingView shows a significant price spike following an assassination attempt, with the price briefly reaching above $10 before being wiped out and stabilizing around the current level.

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