Pre-market trading for Donald Trump’s media firm saw a sharp increase in share price following the US presidential candidate’s attempted assassination. On Monday, the demand for shares of Trump Media & Technology Group (TMTG), the company that owns Truth Social, a rival to X, was surging.
Ahead of the Nasdaq stock market opening in New York, the share price increased by 70% during trading.
Following a weeks-long slide that halved the stock price and caught investors off guard, Trump’s namesake social media firm is now recovering. In pre-market trading, the stock now surged 67.32% at 4:49 am ET, closing at $51.66 (Rs 4319.47) per share.
Experts predict that Trump’s chances of winning will increase as a result of the shooting, which caused injuries to his right ear, The Guardian reports. The stock has surged to as high as $79.38 (Rs 6637.24) since coming public earlier this year and fallen as low as $22.55 (Rs 1885.48).
The events of the last weekend have reverberated across the cryptocurrency space, especially in the meme coin industry. Overnight, the price of the MAGA (TRUMP) coin surged by 60%, surpassing $10 (Rs 836.13). But after that, big holders started to take profits, which caused a 25% decline from its high.
According to CoinGape, there have been notable improvements in the value of other meme currencies as well. Over a day, the 10 most valuable meme coins increased ranging from 4 to 10%.
The growth in popularity of Donald Trump is one of the factors contributing to the market reaction, CoinSwitch Markets Desk told Mint. CoinSwitch Markets Desk also highlighted that Trump has positioned himself as a pro-crypto supporter and has begun collecting cryptocurrency donations for his campaign in the lead-up to the US presidential elections in November.
Other well-known cryptocurrencies, including Cardano, Tron, Avalanche, Polkadot, Chainlink, NEAR Protocol, Solana, XRP, Toncoin, Dogecoin and Cardano, also increased by up to 6% around the same time.
According to CoinMarketCap, the total value of stablecoins is currently $52.9 billion (more than Rs 4 lakh crores), or 90.36% of the 24-hour volume of the whole cryptocurrency market. The largest cryptocurrency in the world, Bitcoin, had its market capitalisation increase to $1.241 trillion (more than 103 lakh crores) in just one day.
CoinMarketCap indicated that 53.95% of the market is presently dominated by Bitcoin. BTC volume increased 22.8% in the previous 24 hours, reaching $25.7 billion (more than Rs 214,877 crores).
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