MAGA Token Falls 7% Despite Market-Wide Recovery

THE MAGA (TRUMP CARD) witnessed a notable drop while the overall cryptocurrency market saw an impressive recovery.

This sharp decline in the currency’s value reflects increased market volatility and investor sentiment influenced by the dramatic news of the assassination attempt on former US President Donald Trump, which also generated tension in the US political scene.

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

MAGA Price – July 15 | Source: Trading View

Notably, MAGA is currently trading at $7.98, with a price drop of 7.36% in the last 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 of various Trump-themed tokens.

Despite a pullback from a high of $11.5, the asset closed July 13 with an impressive 37.65% spike. TRUMP eventually gave up some of those gains the following day, falling 11.65% on July 14. Those losses were recouped with a 6% surge this morning.

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

MAGA performance is often very close connected to the news surrounding Trump. Following the assassination attempt, the increased volatility is attributed to several factors, including increased uncertainty and a shift in market sentiment.

On social media, particularly X, reactions to the event were varied and intense. Trump supporters expressed outrage and theories suggesting the attempt was politically motivated.

Prominent figures like Congresswoman Marjorie Taylor Greene have amplified allegations that the Biden administration and the FBI were involved, despite those claims having been widely debunked by fact-checkers.

On the other hand, many users expressed relief that Trump had survived the attempt, sharing their well wishes and praying 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.

Source