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- Elon Musk’s endorsement of Trump has fueled a surge in MAGA and other Trump-related cryptocurrencies.
- Musk’s influence may spark broader market optimism, especially as the 2024 U.S. election approaches.
After the Trump Memecoin MAGA surged 52% following an assassination attempt, as previously discussed in a recent CNF update, Elon Musk, CEO of SpaceX and Tesla, made headlines at a Donald Trump rally in Butler, Pennsylvania, by expressing his support for Trump while donning a ‘Make America Great Again’ cap and dubbing himself ‘Dark MAGA.’
Musk’s vocal support for Trump boosted not only MAGA but also other Trump-related cryptocurrencies.
“President Trump must win to preserve the Constitution. He must win to preserve democracy in America. This is a must-win situation.”
Musk’s endorsement coincided with a notable 20% surge in the MAGA cryptocurrency, linked to Trump’s political brand, with its price rising to $3.62. Trading volume for MAGA also spiked by 130%, signaling heightened investor interest following Musk’s remarks.
Musk’s Influence Spurs Meme Coin Surge and Election Speculation
BABYTRUMP Coin, a meme-based token, saw a 9% increase in 24 hours, while TrumpCoin (DJT), another politically-themed token on the Solana blockchain, experienced a 50% price surge and a 600% jump in trading volume.
In his speech, Musk emphasized the importance of Trump winning the upcoming U.S. election, calling it essential for preserving democracy and the Constitution. His endorsement has boosted Trump’s election odds, with market data showing Trump leading over Kamala Harris by 50.6% to 48.7%.
Musk’s participation in the rally, combined with his significant influence on social media, may affect cryptocurrency markets in the coming months. Analysts suggest that Musk’s statements, alongside historical patterns of market optimism in October (referred to as ‘Uptober’), could ignite a crypto rally.
Observers point to Musk’s ability to sway market sentiment, potentially creating broader bullish momentum in the digital asset space as the U.S. election approaches. On another note by CNF, Musk stated that Dogecoin is better suited for transactions than Bitcoin. At the time of writing, Dogecoin (DOGE) is trading at $0.1125, having surged by 0.70% in the past day but decreased by 6.03% in the past week.
