The internet has a way of making a mockery of almost any event, whether light-hearted or deadly serious.
The most recent expression of this ability occurred in the cryptocurrency markets between September 15 and September 16, when an obscure Taylor Swift-themed meme coin, SWIFTIES, plunged 9.25% from $0.02863 to $0.02417.
The strange link between SWIFTIE and the Trump assassination attempt
Such decline can be attributed to a bizarre sequence of events, which first saw Taylor Swift endorse the Democratic candidate, Vice President Kamala Harris, in the wake of the most recent debate.
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Then, on the morning of Sunday, September 15, former President Donald Trump posted on his social media platform, Truth Social, simply stating, ‘I hate Taylor Swift.’
Under almost any other circumstances, that would likely be the conclusion to the saga but just hours later, a second assassination attempt in less than two months was made against Trump.
The events quickly inspired various online communities to jokingly claim that the ‘Swfities’ – Taylor Swift fans – were behind the attacks, gleefully posting images of women and girls with firearms and captions indicative of a murder plot.
Still, despite the strange sequence of events and conspiratorial memes quickly gaining virality – and helping the SWIFTIES meme coin rapidly plunge – it is unlikely it will lead to another cryptocurrency phenomenon.
The fact that solidifies the link between the online ‘beef,’ the assassination attempt, and memes is that SWFITIES was actually on an uptrend in recent trading and is, after the 24-hour drop is accounted for, 13.78% in the green in the 7-day chart.
Will SWIFTIE become a new crypto market phenomenon?
At press time, SWIFTIE boasts a meager 24-hour trading volume of $2,000, and its circumstances are unlikely to change given that the market cap is only slightly greater than $240,000.
Nonetheless, the Taylor Swift cryptocurrency is a representative of a broader financial shock that struck assets in some way linked to every perceived participant in the attack on Donald Trump and, more broadly, in the 2024 presidential race.
Harris and Trump-themed assets react to the assassination attempt
Indeed, one of the biggest Kamala Harris-themed meme coins – Kamala Horris (KAMA) – is down 5.59% in the last 24 hours of trading. Still, its downfall has been ongoing for some time as it is also more than 20% in the red in the weekly chart.
On the other hand, KAMA’s fortunes offer an interesting mirror to the performance of arguably the biggest asset entangled in the Presidential race and its ups and downs – the stock of Trump Media (NASDAQ: DJT).
While the quick collapse of DJT following the September 10 debate may indicate investors were left unimpressed by the Republican candidate, the same can be said about Harris’ followers – at least within the crypto community – given the Horris meme coin’s price action.
Additionally, the DJT’s recovery on and after Friday, September 13, demonstrates Trump supporters’ willingness to close ranks and support their candidate.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
