MAGA token slumps 7% despite market-wide recovery

The MAGA (TRUMP) coin witnessed a notable drop while the broader crypto market saw an impressive rebound. 

This sharp decline in the coin’s value reflects heightened market volatility and investor sentiment influenced by the dramatic news of the assassination attempt on former U.S. President Donald Trump, which has triggered tension across the political scene in the United States as well.

Data from Santiment confirms that MAGA’s daily volatility spiked to a record high above 0.15 on July 14 before dropping. Despite the drop, it remains at highs last seen in late June.

Notably, MAGA currently trades for $7.98, with a 7.36% price slump over the past 24 hours. The asset’s price performance has been inconsistent due to the level of uncertainty surrounding the token. 

Following the event, MAGA immediately jumped to a monthly peak of $11.5 on July 13 amid reactions from several Trump-themed tokens.

Despite a slump from the $11.5 high, the asset closed July 13 with an impressive 37.65% spike. TRUMP eventually gave up some of these gains the following day, dropping by 11.65% on July 14. These losses have been recouped with a 6% increase this morning.

MAGA currently has a market cap of $39.6 million, maintaining its position as the largest Trump-themed meme coin. 

MAGA’s performance is often closely tied to news surrounding Trump. Following the assassination attempt, the heightened volatility is attributable to several factors, including increased uncertainty and a shift in market sentiments.

On social media, particularly X, reactions to the event have been varied and intense. Supporters of Trump have expressed outrage and theories, suggesting that the attempt was politically motivated. 

High-profile figures like Congresswoman Marjorie Taylor Greene amplified claims that the Biden administration and the FBI were involved, despite these allegations being widely debunked by fact-checkers.

Conversely, many users have expressed relief that Trump survived the attempt, sharing their well-wishes and hoping for his continued safety. The assassination attempt itself has been shrouded in controversy, with discussions about the security measures in place and the potential implications for Trump’s political future.