Failed Trump Assassination Boosts MAGA (TRUMP) Token Price By 70%

The MAGA (TRUMP) meme coin price spiked more than 70% on Saturday following the Donald Trump assassination bid. It skyrocketed the Trump-inspired meme coin. 

Notably, a meme coin can easily be swayed as they are highly volatile and prone to social media sentiment and real-world events. Experts believe the failed assassination attempt against former President Donald Trump on the second weekend of July 2024 was the trigger for the boost in price. 

So, it seems less of a surprise that Maga (TRUMP), one of the Donald J Trump-inspired tokens, Jumped higher. Yet, many find Bitcoin’s price spike puzzling. 

Some believe that Donald J Trump has recently emerged as a mighty advocate for crypto assets. His increased chances of winning the presidential election after the failed killing attempt have thrilled crypto enthusiasts. 

That event sent BTC up, but it was modest compared to the dramatic price jumps witnessed in Donald J Trump-inspired PolitiFi tokens.

Correspondingly, the market leader BTC’s price has advanced. The broader market resonated with it in the past 3-day streak. The investors saw a greater possibility that Donald Trump would win the November election. Thus, the price of the MAGA meme coin rose.  

An X account best known for political key news spreader, the @polymarket, showed the increased odds of Trump’s election that has hit 70%, another all-time high in America.

MAGA (TRUMP) Statistics On The Go!

The market cap of the TRUMP token has witnessed a modest decline of 1.78% in the market cap, and the 55% decline in 24-hours volume amounted to $26.155 Million. It resulted in a market cap value of $342.791 Million, which puts the meme coin at the 212th position under the 250 largest token in the global crypto market.

The price struck a resistance at $10.39 after peaking on July 14th, which looks like a little pullback on the daily chart. Despite the dip, the token has moderate to good liquidity, followed by a volume/market cap ratio of 8.61%. Thus, it signifies plenty of liquidity in the MAGA for future attempts to advance its price.

At the time of writing, the circulating supply of the TRUMP stood at 43.997 million tokens, followed by a total supply of 46.502 million TRUMP tokens. Besides, the FDV of the token stood at $360.885 Million.

The price of the TRUMP token has advanced by 5475.70%% from its all-time low price of $0.1402, which formed on January 12th, 2024. Also, the all-time high price of the token achieved just a month ago, on June 1st, 2024, when the price topped $17.78. 

What Does MAGA’s Daily Chart Reveal?

After deteriorating from the $17.74 hurdle, the price fell more than 70% in a 34-day span and reached $4.57 by July 5th. A crucial dynamic support trendline was in play at that level, which pushed it upwards on the daily chart. 

Meanwhile, in the Trump incident, the shooter nearly killed the Republican presidential nominee, Donald J Trump. He missed an inch from his skull and penetrated the ear instead. It takes optimistically by the crypto community and by the MAGA , as he’s consider a cryptocurrency skeptic-turned-supporter. 

In the aftermath of the incident, TRUMP rapidly formed a descending falling wedge, making the Trump incident look like a breakout of this pattern.

At press time, TRUMP was trading at $7.85 with an intraday surge of 3.44% and struggling to surpass the $10.39 level. Once this level is passes, it reach the supply once again. Therefore, the resistance on the daily time frame lies at around $10.39 and $14.0, while the support levels are $7.0 and $5.0.

Indicators showed that the price was above the 50-day EMA. The RSI was at 51.80, above the zero line, and MACD displayed a bullish crossover with a histogram at 0.3979. Overall, the indicators are on the optimistic side.

Summary

The MAGA (TRUMP) token saw a significant surge of more than 70% after a shooting incident with Donald Trump. This spike in price seemed influenced by social media sentiment and real-world events, particularly the failed assassination attempt against Trump. 

The token’s market cap slightly decreased but still maintains good liquidity for potential price increases. TRUMP faces resistance at $10.39, with indicators showing optimism.