- Musk’s rally appearance boosted crypto prices linked to Trump’s political brand.
- Trump’s lead in Polymarket predictions signals a shift in the political landscape.
As a seasoned analyst with years of observing and dissecting market dynamics, I must say that the recent developments surrounding Elon Musk and Donald Trump have caught my attention like never before. The crypto market, always a rollercoaster ride, has taken yet another unexpected turn with Musk’s appearance at Trump’s rally.
Recently, Elon Musk, a well-known businessman who heads SpaceX and Tesla, gained attention by appearing at a campaign event supporting Donald Trump, the Republican candidate for U.S. President, in Butler, Pennsylvania.
Musk backs Trump
At the gathering, Musk displayed his allegiance by donning a distinctive “Make America Great Again” hat and referring to himself as “Dark Supporter of ‘Make America Great Again'”.
During his speech, Musk said,
“As you can see, I am not just MAGA, I’m dark MAGA.”
Just as anticipated, Musk’s presence at the event caused a noticeable stir in the cryptocurrency market, most notably for digital currencies linked to Trump’s political identity.
Impact on Dark MAGA coin and other crypto tokens
After his comments, the cost of MAGA increased by 20% and surprisingly soared for Dark MAGA (DMAGA), hitting a peak of approximately $0.0073 with a staggering rise of 227%.
As a researcher, I observed significant surges in other meme coins associated with Trump: MAGA (TRUMP) experienced a 3% increase, while Doland Tremp (TREMP) skyrocketed by 10%, and Super Trump (STRUMP) climbed up by 5%.
However, by the time of writing, DMAGA had declined by 44.8%.
In contrast, TRUMP enjoyed a 25.88% spike, TREMP saw a 20.52% hike, and STRUMP was up by 8.45% over the past 24 hours.
Musk and Trump’s crypto involvement
It’s well known that Elon Musk is an ardent supporter of digital currencies, with a special interest in Dogecoin [DOGE].
Indeed, following a major court triumph where U.S. District Judge Alvin Hellerstein in Manhattan sided with Musk and dismissed a federal lawsuit against him, he subsequently chose to stop promoting cryptocurrencies.
As an analyst, I’ve been reviewing a legal claim that suggests my actions inflated the Dogecoin (DOGE) market value through dubious practices, such as price manipulation and insider trading. If this accusation holds true, it could potentially lead to billions of dollars in financial losses for investors.
Moreover, Trump’s public endorsement of cryptocurrencies throughout his campaign hasn’t been overlooked either.
Unlike Kamala Harris, who had previously shown a more cautious stance towards cryptocurrency, she made a strong endorsement of blockchain and artificial intelligence in her speech at The Economic Club of Pittsburgh on September 25th.
In simpler terms, Trump’s support for digital currencies and his plan to make Elon Musk head of a government efficiency commission if he wins again, as well as Musk’s past favoritism towards Trump, indicate a significant agreement between these two individuals.
Musk pushes voters at the rally
Wrapping up my talk, I strongly encouraged everyone to take the step of registering to vote this coming November. I believe it’s crucial for each one of us to have our voices heard in shaping our future.
“The most important election of this lifetime.”
He added,
It’s crucial for President Trump to secure victory to safeguard the Constitution and maintain democratic principles in America. In essence, this election could be considered a “do or die” situation.
Polymarket trend
In line with my anticipations, the latest advancements have undeniably influenced the prediction data of Polymarket. At present, it appears that Donald Trump is dominating with a substantial lead of approximately 51%, whereas Kamala Harris follows closely behind with about 48.3% of the predicted votes.
This change is noteworthy, particularly when you consider that Harris had been gaining traction after her initial presidential debate performance.
As the political terrain shifts, it seems that Trump is finding his ground again, whereas Harris encounters difficulties in preserving her early lead.
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2024-10-07 23:04