MAGA token slumps 7% despite market-wide recovery

While the MAGA (TRUMP) coin experienced a significant drop, the overall cryptocurrency market saw an impressive recovery.

The sharp decline in the coin’s value reflects increased market volatility and investor confidence following the dramatic news of the attempted assassination of former US President Donald Trump, which has also created tensions in the US political scene.

Data from Santiment confirms that MAGA daily volatility rose to a record high above 0.15 on July 14 and then fell. Despite the decline, it remains at the highs seen in late June.

MAGA price – July 15 | Source: Trading View

MAGA, in particular, is currently trading at $7.98 and has seen a 7.36% price drop over the past 24 hours. The asset’s price performance has been inconsistent due to the level of uncertainty surrounding the token.

Following the incident, MAGA jumped to a monthly high of $11.5 on July 13, following backlash from many Trump-themed tokens.

Despite the decline from the $11.5 peak, the asset closed July 13th up an impressive 37.65%. TRUMP eventually gave up some of those gains the next day, falling 11.65% on July 14th. Those losses were offset by a 6% gain this morning.

MAGA currently has a market cap of $39.6 million, making it the largest Trump-themed meme coin.

MAGA’s performance is often closely tied to news surrounding Trump, which can be attributed to a variety of factors, including increased volatility following the assassination attempt, heightened uncertainty, and shifts in market sentiment.

Reactions to the incident on social media, especially on X, have been varied and intense, with Trump supporters expressing anger and theories, suggesting that the attempt was politically motivated.

High-profile figures such as Congresswoman Marjorie Taylor Greene have amplified claims of Biden administration and FBI involvement, claims that have been largely debunked by fact-checkers.

I let him know.

The Biden Department of Justice and the FBI were planning to assassinate President Trump and they gave the green light to it.

Did everyone understand???!!!!

What do Republicans plan to do about it?

I tried to remove our Speaker, who funded Biden’s Justice Department and FBI, but the Democrats blocked it. https://t.co/XSTevEQsNI pic.twitter.com/o0lUjcEdix

— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) May 21, 2024

On the other hand, many users expressed their gratitude that Trump had survived the attempt, sending their well-wishes and hoping for his continued safety. The assassination attempt itself has been shrouded in controversy, with discussions about the security measures implemented and the potential implications for Trump’s political future.