TRUMP ASSASSINATION ATTEMPTMARKET REACTION

What happened?

On July 13 at 18:11 (UTC-4),  an assassination attempt was made on Donald Trump, the US Republican presidential candidate, during a campaign meeting. One of the bullets passed within millimeters of the former US president. As the investigation revealed, the shooter turned out to be 20-year-old Matthew Crooks.

Market Reaction

During the last weeks, the key cryptocurrencies (Ethereum and Bitcoin) showed a negative trend. One of the reasons is increased supply: many whale wallets (containing 100 BTC and more), inactive for 5–10 years, began to move funds. The market was fueled by the news of the German government selling $2.5B worth of Bitcoin. This put negative pressure on the crypto prices. In contrast, the last week has echoed a positive trend for the market. On July 13, trading volume decreased, which is typical for the end of the week. However, increased investor interest in the coin led to a significant surge in market purchases.

Memecoin Market Reaction

Coins listed on various DEXs showed changes in their market indicators: the capitalization of coins referring to the figure of Donald Trump increased by 69% and became $5B. In turn, the capitalization of coins referring to Joe Biden decreased by 2% and became $0.9B. 

The meme coin market currently ranges from $50B to $100B. Events triggered a chain reaction among investors: Coins dedicated to candidates in the US elections almost doubled, from 3-6% to 5-10%.

Memecoin Market Overview

After the assassination attempt, coin generation spiked in the first 24 hours. Typically, we see about 250 coins on weekends, but it jumped to 400 coins during this period.

Nearly a quarter of the generated coins were dedicated to the central figures in the context of the events of July 13: Donald Trump, Matthew Crooks (the shooter), and the current President – Joe Biden.

The whales instantly attempted to pump the memecoin market. At the time of writing, there were approximately 362k active market participants, of which 352k were holders of coins dedicated to Donald Trump.

Initially, the buy/sell ratio was 70% buy and 30% sell. Currently, it stands at 57% buy and 43% sell, showing signs of stabilizing. The total profit and loss (PnL) of whale deals for the most significant coins amounted to $3B, $2.8B of which came from pump coins mentioning Donald Trump.