As a seasoned financial analyst who has closely followed the crypto market and its various trends, I believe the recent decline in MAGA coin’s value can be attributed to the heightened volatility and uncertainty surrounding former U.S. President Donald Trump following the assassination attempt on his life.
The price of the MAGA (TRUMP) coin experienced a significant decline, while cryptocurrencies as a whole showed strong signs of recovery.
The significant drop in the coin’s worth is a clear indication of increased market instability and investor reactions sparked by the shocking news of the assassination attempt on ex-US President Donald Trump. This event has led to political turmoil within the American landscape.
According to Santiment’s data, the daily volatility of MAGA reached an unprecedented peak of over 0.15 on July 14. Although there has been a decrease since then, volatility levels remain elevated, last observed at comparable heights in late June.
Significantly, the current value of MAGA is at $7.98, marking a 7.36% decrease in price within the last 24 hours. The volatility of this asset’s price stems from the uncertainty enshrouding the token.
After the occurrence, MAGA reached its highest point of $11.5 per month on July 13 as a response from various Trump-themed cryptocurrencies.
Although the asset had retreated from its previous high of $11.5, it experienced a significant surge of 37.65% by the end of trading on July 13. However, Trump’s holdings saw a reversal the next day, resulting in a decline of 11.65%. The losses sustained on July 14 have been offset with a rebound of 6% as of this morning.
Currently, MAGA holds a market capitalization of approximately $39.6 million, making it the most expansive Trump-themed meme coin in the market.
As a researcher examining the stock market performance of companies with strong ties to the MAGA phenomenon, I’ve observed that news events surrounding Donald Trump significantly influence these stocks. The recent assassination attempt on Trump has added an extra layer of volatility to this market dynamic. Several factors contribute to this heightened uncertainty and shift in market sentiments: the unexpected nature of the event itself, potential political repercussions, and uncertainty regarding the impact on Trump’s popularity and influence.
Social media responses to the event on platform X have ranged from passionate to extreme. Those backing Trump have voiced anger and put forward hypotheses, implying that the incident may have been driven by political motivations.
Notable individuals such as Congresswoman Marjorie Taylor Greene have given greater prominence to accusations linking the Biden administration and the FBI, even though these claims have been discredited by fact-checkers.
As a seasoned political observer with years of experience under my belt, I cannot help but be alarmed by the latest allegations regarding the planning and potential execution of an assassination plot against a former president, Pres. Trump, involving the Biden DOJ and FBI. The sheer audacity and gravity of such claims are truly disturbing.
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) May 21, 2024
From my perspective as an analyst, it’s worth noting that while some individuals have expressed relief over Donald Trump’s survival of the assassination attempt, many others have shared their well-wishes for his safety. The incident itself has sparked much debate, with questions swirling around the security arrangements and potential political repercussions.
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2024-07-15 12:04