Following the first assassination attempt on Trump, Solana meme coin TREMP soared 71% in just 24 hours, while TRUMP gained 39% and MAGA also edged up 33%. In contrast, in the past 24 hours, TREMP has fallen 5%, TRUMP has lost 19%, and MAGA has only seen a small 1% drop since the attack on Sunday. Data from CoinGecko suggests the weekly losses are even greater.
This has sparked a debate about whether political meme coins are losing their appeal as the US presidential election approaches.
“An event like this should have triggered a massive buying frenzy, but no one was interested,” said anonymous trader Bastille. “[I think] it’s just a sign that retail interest in an oversaturated market is waning.”
TRUMP-related meme coin drops
While the three meme coins mentioned above are the largest representatives of the unofficial memorial coins associated with Donald Trump, there are many smaller ones. However, there was no uniformity in how these coins responded to the golf course attack. For example, Fight to MAGA (FIGHT), a coin created after the first assassination attempt, was up 13% on the day, while Pepe Trump (PTRUMP) was down nearly 18%.
Political meme coins, which are tied to events, tend to have a stronger influence during election seasons, but can lose traction once those events are over. Traders often refer to these as “pre-events,” which are coins that tend to see a big price impact around a scheduled event, like the September 11 anniversary.
“People tend to sell out of impatience when they don’t see the price go up as expected after an event,” said anonymous meme trader 0xWinged. “I always dump those coins. That’s what I do.”
Bastille also said that major political meme coins are now dominated by “whales” who hold large amounts, and these investors are always looking to exit at any opportunity. As the election gets closer, these “whales” will be looking for liquidity to sell. In other words, high-profile events—like an assassination—become the perfect time for them to unload and take profits.
What’s more, traders say this assassination was less of a surprise and less of a buzz than the first one. The July incident was broadcast live on television, accompanied by an iconic image, which went viral around the world and even appeared on the largest crypto forums on Telegram.
“The hype and the unexpectedness of the first assassination turned a lot of meme coins into phenomena, generating hundreds of millions in value,” Bastille explained. “But you can’t do that again.”
Meanwhile, the odds of Donald Trump winning the presidential election over Kamala Harris have not changed significantly on crypto prediction market Polymarket over the past 24 hours. Harris still leads Trump by 50% to 49%, with only minor fluctuations during this time.
