The web has a peculiar knack for ridiculing nearly any occurrence, whether humorous or gravely serious.
The latest demonstration of this phenomenon took place within the cryptocurrency sphere from September 15 to September 16, when an obscure meme coin themed around Taylor Swift, SWIFTIES, dropped 9.25% from $0.02863 to $0.02417.
The odd connection between SWIFTIE and the Trump assassination attempt
This downturn can be linked to an unusual series of incidents, which began with Taylor Swift endorsing the Democratic hopeful, Vice President Kamala Harris, following the latest debate.
Subsequently, on the morning of Sunday, September 15, former President Donald Trump made a post on his social media platform, Truth Social, succinctly declaring, ‘I dislike Taylor Swift.’
Under nearly any different situation, that might have been the end of the story, but merely hours later, a second assassination attempt against Trump occurred within a two-month span.
These developments quickly prompted various online groups to humorously assert that the ‘Swifties’ – fans of Taylor Swift – were responsible for the attacks, enthusiastically sharing images of women and girls brandishing firearms with captions hinting at a homicide scheme.
However, in spite of the peculiar chain of events and the rapid virality of conspiratorial memes – which contributed to the swift decline of the SWIFTIES meme coin – it is improbable that this will spark a new cryptocurrency trend.
The detail that fortifies the connection between the online ‘conflict,’ the assassination attempt, and memes is that SWIFTIES was indeed experiencing an upward trend in recent trading and remains, after accounting for the 24-hour decrease, up by 13.78% in the 7-day chart.
Will SWIFTIE evolve into a new crypto market phenomenon?
At the time of this writing, SWIFTIE has a modest 24-hour trading volume of $2,000, and its situation is unlikely to shift, considering the market cap is only slightly above $240,000.
Nevertheless, the Taylor Swift cryptocurrency signifies a broader financial upheaval that affected assets somehow associated with each perceived participant in the attack on Donald Trump and, more generally, in the 2024 presidential contest.
Harris and Trump-themed assets respond to the assassination attempt
Indeed, one of the most significant Kamala Harris-themed meme coins – Kamala Horris (KAMA) – has declined by 5.59% in the last 24 hours of trading. However, its decline has been ongoing for a while, as it is also over 20% in the negative in the weekly chart.
Conversely, KAMA’s fortunes provide an intriguing reflection of the performance of arguably the major asset intertwined in the Presidential race and its fluctuations – the stock of Trump Media (NASDAQ: DJT).
While the swift collapse of DJT post the September 10 debate may suggest that investors were dissatisfied with the Republican candidate, a similar sentiment can be observed among Harris’ supporters – at least in the crypto community – given the price movements of the Horris meme coin.
Furthermore, DJT’s rebound on and after Friday, September 13, illustrates Trump supporters’ readiness to unite and back their candidate.
Image Source: Stefano Chiacchiarini ’74 / Shutterstock
