Musk's rally appearance triggered a 7.84% increase in MAGA cryptocurrency prices.
TrumpCoin and BABYTRUMP Coin experienced surges of over 20% and 9% respectively.
Polls show Trump leading Kamala Harris 50.6% to 48.7% following Musk's endorsement.
Elon Musk's recent appearance at a Donald Trump rally has created significant ripples in both political and cryptocurrency markets. The event, held in Butler, Pennsylvania, saw Musk donning a unique 'Make America Great Again' cap while declaring his allegiance to what he termed “Dark MAGA.”
This momentous declaration coincided with a marked increase in the MAGA cryptocurrency, which surged by 7.84%, reaching $3.24 immediately following his speech.
Musk’s endorsement also influenced other Trump-related cryptocurrencies, which witnessed substantial price increases.
Notably, TrumpCoin surged over 20%, while BABYTRUMP Coin, a lighthearted reference to Trump, experienced a jump of more than 9%. The trading volume for these tokens also saw a remarkable rise, with TrumpCoin reporting a staggering 466% increase in activity.
During his speech, Musk emphasized the urgency of the upcoming election, highlighting its significance for American democracy. He stated, “President Trump must win to preserve the Constitution.
He must win to preserve democracy in America.” This message resonated deeply with his audience and investors alike, who viewed Musk's endorsement as crucial in boosting Trump's chances of winning.
Recent data from Polymarket indicates that Trump's odds in the election have also improved. He currently leads Vice President Kamala Harris by 50.6% to 48.7%. This uptick in support correlates with Musk's public backing and aligns with historical trends, suggesting that influential figures can significantly impact market movements.
Moreover, the cryptocurrency market is entering what is traditionally known as 'Uptober,' a month often characterized by bullish trends. Analysts speculate that Musk's rally participation and subsequent endorsement could further catalyze this anticipated market rally, particularly within the realm of politically-themed cryptocurrencies.
Musk's statement about his support for Trump has sparked conversations in political circles and social media platforms, where figures like him are often viewed as trendsetters. This dynamic interplay between politics and finance continues to shape the landscape as the election draws closer.
