Trump Memecoins Spike On Assassination Attempt

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14 Jul 2024

Financial Markets Are Indifferent To Empathy
A truth that the majority of market participants seem to be aware of and yet somehow ignorant of is that financial markets have zero concern for you or anyone else, for that matter. Financial markets operate purely on data, and of course, market manipulation. Once again, if you believe in such a thing as a free and fair market, you are naive. JP Morgan and countless other financial institutions have been fined multiple times for various forms of market manipulation.
Markets are unemotional, unsympathetic, and void of any form of empathy. The quicker you realize this and incorporate it into your strategic approaches, the better. Trump’s assassination attempt is evidence of this. A tragic and almost fatal event caused certain memecoins in the Solana ecosystem to pump more than 50% today. Yes, Trump memecoins were on an absolute tear today!
This is the reality of financial markets and what drives them. Markets respond to any event that deviates from the status quo. As soon as anything changes, whether good or bad, markets respond immediately. This is primarily why I suggested having at least some exposure to Trump-based memecoins. In a recent article, “Trump Memecoins To Rally In The Second Half Of 2024”, I unpack my motivations regarding this investment idea.
A Quick Rewind
Let’s take a quick look at how the two Trump-based memecoins I mentioned in the article mentioned above have performed since publication. The article was published exactly six days ago. The first is STRUMP, which has rallied as high as 74% since publication. The chart below is the 4-hourly chart and depicts the point of publication and the recent peak. As I mentioned in the article, STRUMP was in an area of prime accumulation.

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I then referred to MAGA, which strangely enough, peaked before the assassination attempt. MAGA realized a return of 115% since the date of publication. I noticed that MAGA rallied by approximately 50% two days in concession before the assassination attempt. This is a rather strange dynamic, but, that’s the world of memecoins. Both STRUMP and MAGA are available on Gate.io and Jupiter for DEX users.

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Numerous Trump-based coins have performed incredibly well since my initial publication, and of course, since the assassination attempt. However, for obvious reasons, I can only address a handful of examples in a single publication. Remember, memecoins are at the apex regarding risk, so ensure you do your own due diligence before investing.

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Final Thoughts
Well, it looks like an interesting week ahead. Bitcoin has finally regained the $60K mark, let’s see if it can hold onto it and eventually move higher. A positive result of the price being suppressed is that the descending trendline has deepened, making it easier for BTC to escape its grasp. Time will tell. Keep stacking and I will catch you in the next one!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.