The recent decline in the value of the coin can be attributed to increased market volatility and investor sentiment, which have been influenced by the dramatic news of the assassination attempt on former U.S. President Donald Trump. This event has caused tension across the political scene in the United States and has led to uncertainty surrounding the token’s price performance.
Despite the drop, the coin still remains at highs last seen in late June. Its price performance has been inconsistent, with a significant slump from its $11.5 high followed by an impressive 37.65% spike on July 13.
However, it gave up some gains the following day, dropping by 11.65% on July 14, although these losses have been recouped with a 6% increase recently. The coin, known as MAGA, currently has a market cap of $39.6 million, maintaining its position as the largest Trump-themed meme coin.
The heightened volatility can be attributed to several factors, including increased uncertainty and a shift in market sentiments following the assassination attempt. On social media, particularly X, reactions to the event have been varied and intense, with supporters of Trump expressing outrage and theories suggesting that the attempt was politically motivated.
Meanwhile, 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.